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The Trend of the Day - GBP/USD

The Trend of the Day - GBP/USD

Gregory McLeod, Currency Analyst

take out the 1.6842 high seen back on the 9th of November. MACD on a 4-hour chart has pushed above the zero horizontal reference line which is bullish for this pair.  The 1.6741 level poses a resistance hurdle that the pound could easily surmount in the coming hours.

Look to get long at 1.6646-16716 area with a stop at the 1.6623 area. The target for this trade is 1.6902. Continued dollar weakness should help the Sterling over the next few days.

Have a great trading day!

gbpusd 11.16.09

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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