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GBP/USD Does Some Pounding of its Own; Possible Double Bottom

GBP/USD Does Some Pounding of its Own; Possible Double Bottom

2016-09-01 21:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Does Some Pounding of its Own; Possible Double Bottom

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“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 and the outside week (last week) suggests that Cable is building a base to work higher from.

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

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