GBP/USD First 6 Day Rally Since December 2013
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The sharp turn higher (and weekly reversal) is promising for longer term bottoming prospects, especially in light of the mentioned divergence.”
-GBPUSD is made good on its divergence and RSI is nearing 70 for the first time since the top last July. Resistance is possible just above the current level (February congestion) and be on the lookout for support in the 1.4950-1.5030 zone as part of a larger bottoming process.