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GBP/USD Range Expansion Objective Remains 1.4350

GBP/USD Range Expansion Objective Remains 1.4350

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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) on 3/12. The implications remain bearish.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.