GBP/USD Support May Not Be Until Below 1.4300
Chart Prepared by Jamie Saettele, CMT
-“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.