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GBP/USD Squeezes off of Long Term Support

GBP/USD Squeezes off of Long Term Support

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “the gap to open trading post-Brexit is thus far of the breakaway variety. The current level (slope line) and/or 1.2500 could inspire a ‘squeeze’ as part of consolidation before another leg lower. 1.2500 relates the 2009-2014 range (127.2% of that range from the 2014 high) and decline from 2007 (decline from 2014 = .618% of 2007-2008 decline).” The ‘squeeze’ (at least) is underway. 1.35-1.37 is in focus.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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