GBP/USD Channel Resistance is Textbook
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: “Bigger picture, a 4 year triangle was resolved in February to the downside and I still think we should be looking to align with the downtrend. That said, we’ll probably get the chance to do so at better levels. The 50% retracement of the decline from the January high at 1.5605 intersects channel resistance on Friday.” Today’s outside bar at channel resistance is characteristic of a top.
FOREX Trading Strategy: Short, stop 1.5570. target 1.5420
LEVELS: 1.5333 1.5418 1.5467 1.5605 1.5688 1.5788
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.