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GBP/USD Bear Hunt; Tags 200 Day Average

GBP/USD Bear Hunt; Tags 200 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Cable nearly traded to its highest level of 2016 today (1/4 high is 1.4815). Price action since January may compose a base that leads to an important breakout. The current level is significant from a technical point of view as it’s defined by the 200 day average and trendline from 2014. Obviously, trading risk is higher than normal given the UK referendum on staying/leaving the EU.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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