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GBP/USD Major Behavior Change

GBP/USD Major Behavior Change

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-Consolidation broke to the upside so implications are that a major advance is underway in Cable. The median line break is significant. Recall that “GBP/USD price action since the October crash low has formed a triangle. Triangles can resolve in either direction but are typically (not always) continuation patterns. I’m interested to see how Cable trades following today’s key reversal at the top of the range. The upper triangle barrier is near 1.2620 and a move through there would argue for bullish resolution.”

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

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