GBP/USD Trades at Long Term Support Line
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…GBPUSD turned lower from mentioned channel resistance. Look lower as long as price is under 1.5825.”
-GBPUSD is at a major level in 1.51. Failure to find support here would open up the 2013 low at 1.4812.
--Tradingideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.