GBP/USD Range Expansion Objective Yields 1.4350
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Support broke easily and GBPUSD is now testing the top side of a former resistance line. This line could provide support for a bounce into former congestion at 1.5195-1.5268. In any case, a breakdown targets 1.4250-1.4350.” The bounce was weak and Cable broke down then re-tested the line as resistance (circled) today (3/12). The implications are bearish.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.