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GBP/USD Support May Not Be Until Below 1.4300

GBP/USD Support May Not Be Until Below 1.4300

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Support May Not Be Until Below 1.4300

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“The last update noted that “a bullish bias on GBP/USD is valid based on the head and shoulders bottoming formation but support needs to register from the top side of the neckline in order to maintain constructive for a run at 1.49. The neckline is just above 1.4300.” GBP/USD made low at 1.4332 on 5/16 and turned up sharply. Of course, it’s taken just a few hours for Cable to give back the last 6 days of trading so another run at the mentioned neckline may be in store.

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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