GBP/USD Breakout Attempt Runs into Trendline
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Chart Prepared by Jamie Saettele, CMT
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-“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.”
-Today’s (8/18) rally tested the line that extends off of the 2014 and 2015 high. This is the final barrier in the way of what could be a major breakout for GBPUSD.
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