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GBP/USD Could Reach 1.50 and Still be in a Downtrend

GBP/USD Could Reach 1.50 and Still be in a Downtrend

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-As noted in the last update, “GBP/USD has turned up sharply. The rally is within the confines of a downtrend but Cable could trade to 1.50 and still be in a downtrend. The emotion surrounding the Brexit headlines is consistent with a fairly important low.” Cable pulled back sharply early this week (on Brexit headlines) but the near term trend has changed as evidenced by the quick reversal of that drop. 1.4668 and 1.4830s may be trouble spots but focus is towards the line that extends off of the 2014 and August 2015 highs…near 1.50.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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