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GBP/USD Outside Reversal Rally Fails at a Former Low

GBP/USD Outside Reversal Rally Fails at a Former Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-In classic Cable fashion, the cross took out the post-crash October lows on Wednesday before reversing. The rally failed on Thursday at the 11/18 low. There’s the possibility of a continuation head and shoulders (bearish) with a target at 1.1390. A close below 1.2080 is required to trigger.

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

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