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GBP/USD Mid-1.40s Battle Ongoing

GBP/USD Mid-1.40s Battle Ongoing

2016-04-07 18:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Mid-1.40s Battle Ongoing

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-There is no change to recent GBP/USD comments other than accentuating the importance of the mid-1.40s current level), which is highlighted. “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.”

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