GBP/USD Underside of Trendline Might be Resistance Now
Chart Prepared by Jamie Saettele, CMT
-“The gap to open trading post-Brexit is thus far of the breakaway variety. The current level (slope line near 1.2800) 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).” 1.2800 is still the low but the BoE inspired drop below trendline supports negates anything bullish for the time being. That trendline might be resistance now (near 1.32).
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