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GBP/USD Turns Up; Big Test at 1.5240

GBP/USD Turns Up; Big Test at 1.5240

Jamie Saettele, CMT, Sr. Technical Strategist


GBP/USD Turns Up; Big Test at 1.5240

Chart Prepared by Jamie Saettele, CMT

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

-There is no change to the latest comments other than noting that a resistance looms at 1.5240. A break above would be bullish…especially in light of comments on the weekly. “GBP/USD is trading in a bearish channel on the daily but also just found big support on the weekly. Combine the long term level on the weekly with COT considerations, and GBP/USD may be ready to rocket higher. Risk is small on the downside (read more about Traits of Successful Traders here).”

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.