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GBP/USD Rally Stalls Near Early January Low

GBP/USD Rally Stalls Near Early January Low

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

-“Long term support at 1.4350 remains of interest but daily and weekly divergence with momentum at price lows cast doubt on whether GBPUSD reaches that level.”

-“The sharp turn higher (and pending weekly reversal) is promising for longer term bottoming prospects, especially in light of the mentioned divergence. Early year lows at 1.4950 and 1.5033 could provide resistance.” Watch 1.4820 and/or 1.4675 for support now.

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