GBP/USD Nears November Resistance Level
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 daily RSI poked above 70 for the first time since the top last July.” GBPUSD is closing in on a steep upward sloping channel and a level that was resistance in Nov (1.5825). The Oct low is slightly higher at 1.5874. 1.5550 (former resistance) is now estimated support.