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GBP/USD Nears Bearish Channel Support

GBP/USD Nears Bearish Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist


GBP/USD Nears Bearish Channel Support

Chart Prepared by Jamie Saettele, CMT

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

-GBP/USD is trading in a bearish channel on the daily and nearing possible support from that channel. In the event of a turn higher from the lower end of the channel, the top end of the channel and former lows in the 1.5108/63 zone would be of interest as resistance within the downtrend.

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.