GBP/USD Sitting on Support but Fails to Participate in Dollar Move
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-GBPUSD has traded lower following the large outside day reversal on 1/24. While a larger top may be in place, the response at former resistance from 1.6259 gives scope for a move back into the range, which could contribute to formation of a larger top. Near term however, it’s not a good sign that the rate couldn’t rally along with other European currencies today.
-The 1/24 close is now resistance at 1.6477.
LEVELS: 1.6132 1.6216 1.6268 | 1.6348 1.6444 1.6495
--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.
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