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GBP/USD Reverses Sharply after Tagging Trendline Confluence

GBP/USD Reverses Sharply after Tagging Trendline Confluence

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Reverses Sharply after Tagging Trendline Confluence

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Is trade since January a triangle or head and shoulders bottom (or neither)? Time will tell. Cable needs to take out 1.4515 to indicate that the bottoming interpretation is correct. Until then, the waters are murky, especially in light of today’s bearish outside day at resistance (internal trendline and underside of the 1985-2009 trendline).

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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