GBPUSD Faces Resistance from Channels and 7/2 Low
240 Minute Bars
Prepared by Jamie Saettele, CMT
The GBPUSD rally has carried price into channel resistance that extends off of the 6/20 and 7/2 highs. Resistance is reinforced by the 7/2 low at 15641 and channel that defines the rally from 15392. Structurally, it’s possible that yet another expanded flat unfolded (this time from the 7/6 low). I favor the downside against the early month high at 15720.
LEVELS: 15460 15517 15592 15655 15720 15777
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.