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GBP/USD Trades Mid-Channel

GBP/USD Trades Mid-Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Trades Mid-Channel

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The most recent noted that “GBP/USD has taken out 1.4515, which supports a bullish interpretation based on the head and shoulders bottoming formation. Focus is towards 1.49 (trendline and 200 day average).” The outside reversal on 5/3 warns of at least a return to re-test the neckline, which would be near 1.4350/60…if not outright failure.

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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