GBP/USD 1.6565 is Support on a Drop from Here
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.”
-The rate has bounced from trendline support. Watch for resistance from 1.6712 to go the other way but expect support at 1.6560/80 for a trend continuation opportunity.
LEVELS: 1.6496 1.6567 1.6600 | 1.6661 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.