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GBP/USD Reverses Sharply after Tagging Trendline Confluence

GBP/USD Reverses Sharply after Tagging Trendline Confluence

2016-04-21 19:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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).

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