GBP/USD Tags Range Low; Leaves Long Lower Wick
Chart Prepared by Jamie Saettele, CMT
-No change regarding Cable comments other than reminding of the crash day close at 1.2433 and former channel support (now near 1.2433) as pivots. “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.
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