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GBP/USD Consolidates above Long Term Channel Support

GBP/USD Consolidates above Long Term Channel Support

2016-06-30 20:28:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Consolidates above Long Term Channel Support

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“Obviously, trading risk is higher than normal given the UK referendum on staying/leaving the EU.” Understatement. GBP/USD realized its largest 1 day decline ever last Friday. Technically, multiyear channel support is just under the market and could inspire a bounce into former support in the 1.3800-1.4000 area.

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

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