GBP/USD Pulls Back; Resistance is at 1.6665
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“GBPUSD made a key reversal on 2/17. The pullback occurs after a push above the 2011 high and test of the best level since November 2009. Thursday’s high registered a few pips above the 2/17 close. The manner in which the market responded to that level is bearish.”
-The rate bounced from trendline support. Watch for resistance from 1.6667 and 1.6712 to go the other way.
LEVELS: 1.6380 1.6496 1.6567 | 1.6667 1.6713 1.6767
--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.