GBP/USD Consolidates Following Break
Chart Prepared by Jamie Saettele, CMT
-The most recent update noted that “the 10/22 outside day in GBP/USD may set the stage for resumption of the downtrend that began with the head and shoulders break in August. A break under 1.5200 (parallel support) would suggest that the next leg lower (towards the April low) is underway. Until then, Cable remains supported.” The break of this level sets the stage for a trending move that could test the April low.
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