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GBP/USD Acting Well

GBP/USD Acting Well

Jamie Saettele, CMT, Sr. Technical Strategist

The USD has turned up from good support (see here). Interestingly, GBP/USD was firm this week. Here is your scorecard for the ‘majors’ this week (as of 2 pm eastern).

USDJPY 2.76%

GBPUSD 1.38%

USDCHF 1.11%

AUDUSD -.18%

EURUSD -.53%

NZDUSD -.91%

USDCAD -1.00%

Yen was crushed, CHF and NZD were weak, GBP and CAD were firm, while AUD and EUR didn’t do much. I don’t know if this rally from USD support has legs or not (no one knows that) but I do know that GBP continues to not go lower in the face of this USD bounce. I like the reward/risk profile on the long side against 1.4290. Some of the non-USD GBP crosses look even better.

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