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GBP/USD Fails Shy Of Well-Defined 1.5700 Level

Published 07/31/2015, 01:34 AM
Updated 07/09/2023, 06:31 AM

Daily

GBP/USD Fails Shy of Well-Defined 1.5700 Level

Chart Prepared by Jamie Saettele, CMT

-“A 6 month bottoming pattern (head and shoulders) has completed (target 1.70+) but the rate does face resistance (within an uptrend) now so be aware of a shakeout (lower) following this breakout.”

-The ‘shakeout’ turned into a mini downtrend but the rate did turn up from above slope support (which was at 1.5300) in early July. The seeds for a larger advance are sewn but beware of near term resistance around 1.57. Weakness below 1.5465 would negate anything bullish until at least 1.5360 and maybe closer to 1.51.

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