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GBP/USD First Important Test for the Bounce is 1.2433

GBP/USD First Important Test for the Bounce is 1.2433

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD First Important Test for the Bounce is 1.2433

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-No change regarding Cable comments other than reminding of the crash day close at 1.2433 as a pivot. “GBP/USD has broken through the bottom of the triangle. As such, focus is lower towards 1.2612 (127.2% expansion of triangle width) and eventually the triangle objective at 1.2115.” GBP/USD crashed 2 days after the pattern breakdown and reached its pattern objective in the process. Given the measurement, the rate could stabilize.

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

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