GBP/USD: Rallies have once again been well capped ahead of the 200-Day SMA in favor of yet another bearish decline. But setbacks have stalled by some key multi-session support by 1.5645, and it will take a break and close back below this level to officially force a shift in the structure and accelerate declines. Until then, expect some more choppy consolidation and potential range trade between 1.5650-1.6000.
--- Written by Joel Kruger, Technical Currency Strategist
To contact Joel Kruger, email email@example.com. Follow me on Twitter @JoelKruger
To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.