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GBP/USD in Position to Move Big; Direction Unclear

GBP/USD in Position to Move Big; Direction Unclear

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD in Position to Move Big; Direction Unclear

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-GBPUSD continues to trade above long term support (see here) but price needs to take out 1.4515 in order to eliminate the wet blanket behavior. A push through the noted level would complete a 2+ month head and shoulders bottom and target longer term downtrend resistance near 1.50. Until then, downside continuation into the low 1.30s cannot be dismissed.

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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