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GBP/USD – Awaiting Resolution to Sideways Trade

GBP/USD – Awaiting Resolution to Sideways Trade

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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.

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

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