GBP/USD Turns Up from Range Lows
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 1.34).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.