GBPUSD: Support Found at 1.60 Figure
GBPUSD has bounced from support at a the intersection of a rising trend line set from December’s swing bottom and the psychologically significant 1.60 figure, with prices poised to challenge the February high at 1.6279. A break above this juncture would invalidate the near-term downside bias set by a Bearish Engulfing pattern, opening the door for further upside. We will remain on the sidelines for now to see how the pair behaves at this critical juncture.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.