GBP/USD Nears November Resistance Level
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader and see ideas on other USD crosses
-“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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.