GBP/USD Rallies from 61.8% of Rally
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-A period of congestion may be in order as price has bounced from near the 50% retracement of the advance from the 2013 low but the drop under 1.6050 produces a pivot high on 9/19 and allows one to draw a downward sloping channel. The channel is now in focus as resistance.
-Additional ranging may be in order following today’s rebound at the 61.8% retracement of the rally from 1.5874. Resistance within the range is 1.6110. The next important support is probably 1.5750.
--Tradingideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.