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GBP/USD Breaks Down from 14 Week Channel

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GBP/USD Breaks Down from 14 Week Channel

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-I’ve maintained a bullish bias on Cable in recent months, ‘thinking’ that price action from the January low was going to form a bottoming pattern and lead to a big squeeze higher. The break below channel support (break was on 6/13) dismisses that idea as fantasy for now. The underside of the line could become resistance in the mid-1.4300s.

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