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GBP/USD Rallies from Parallel Support

GBP/USD Rallies from Parallel Support

Jamie Saettele, CMT, Sr. Technical Strategist


GBP/USD Rallies from Parallel Support

Chart Prepared by Jamie Saettele, CMT

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

-The most recent update noted that “the rebound is viewed within the context of the breakdown. If GBP/USD is headed lower, then it probably heads lower now (underside of recent support line).” GBP/USD headed lower and begins December at support from a parallel. A bigger rebound is possible at this level but would watch for resistance near 1.5170 (horizontal).

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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