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Notes: The British Pound has continued to trade within the confines of the descending pitchfork formation highlighted in our previous GBP/USD Technical Perspective, with prices rebounding off a confluence support zone this week around ~1.3164. This region is defined by the 50% retracement of the post-Brexit advance and converges on the lower median-line parallel & basic trendline support extending off the 2017 lows. So was that the low?

The verdict is still - but as noted in this month’s Sterling Scalp Report, this sure is a good spot to look. Interim resistance stands with the 50-line, currently around ~1.3350s backed by more significant resistance at 1.3470/94 where the 52-week moving average converges on the 2017 high-week close and the median-line. A breach there would be needed to suggest a more significant low is in place.

Bottom line: Sterling is attempting to post and outside-day reversal off confluence support today and we’re looking for follow-through on this rebound. From a trading standpoint, I’ll favor fading weakness against today’s low for now. A break lower would invalidate the reversal play with such a scenario targeting subsequent support objectives at the October lows at 1.3027 and the key 61.8% Fibonacci retracement at 1.2877.

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