Forex Analysis: GBP/USD Mounts Rebound from 1.60
Prices are testing horizontal pivot resistance at 1.6177. A break above that aims for a channel top at 1.6226, followed by the 1.63 figure. Major support is at a trend line set from the June 1 bottom (now at 1.6004), with a drop below that targeting swing lows at 1.5913 and 1.5822. Positioning doesn’t offer an actionable trade setup at the moment and we will remain on the sidelines.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.