Forex Strategy: GBP/USD Trend Reversal Ahead?
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- GBP/USD Technical Strategy: Sidelines preferred until trend change confirmed
- Former resistance-turned support helping to hold prices up at 1.6660
The GBP/USD has erased some of its recent gains following a fading of upside momentum and a test of 1.6820. We have not seen the emergence of a specific bearish reversal candlestick pattern on the daily which obfuscates a bearish bias for the pair. Further price action is needed to help confirm whether a more meaningful change in the trend is afoot.
Resistance-turned-support at 1.6660 is helping to hold prices up at this stage. A move below support would likely see buyers emerge at the psychologically significant 1.6600 level.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by David de Ferranti, Market Analyst, FXCM
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