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GBP/USD Trying to Base for a Move Higher

GBP/USD Trying to Base for a Move Higher

2016-03-24 18:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Trying to Base for a Move Higher

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The near term GBP/USD rally has failed but the rate is trading off of a long term support (see here). A push through the recent high of 1.4515 is needed in order to open up a run towards longer term downtrend resistance (and the 200 day average) close to 1.50. Recent reactions at the 1/21 low indicate support and are promising.

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

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