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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

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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

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

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