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GBP/USD – Awaiting Resolution to Sideways Trade

GBP/USD – Awaiting Resolution to Sideways Trade

2016-11-29 20:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD – Awaiting Resolution to Sideways Trade

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-I wrote last update that “the specter of a head and shoulders top since 11/4 indicates potential for bearish resumption. Bear in mind that the noted pattern wouldn’t complete until a drop under 1.2300, in which case focus would shift to the former trendline resistance and 10/25 low at 1.2082.” GBP/USD never traded below 1.2300. Instead the rate has drifted sideways in continued consolidation. Pattern and direction is unclear from my perspective.

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