gbp-usd

GBP/USD – Despite the latest surge, the market has been well confined to a prominent range that has defined price action for the past several months. Monday’s rally has stalled out shy of the 1.7040, 2009 highs, with the market being well capped by formidable internal range resistance in the 1.6800’s. Look for the latest topside failure to now potentially set up a resumption of setbacks towards a very well supported 1.6250 area over the coming days. Any rallies should be well capped ahead of 1.6700.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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