GBP/USD Bear Hunt; Tags 200 Day Average
Chart Prepared by Jamie Saettele, CMT
-Cable nearly traded to its highest level of 2016 today (1/4 high is 1.4815). Price action since January may compose a base that leads to an important breakout. The current level is significant from a technical point of view as it’s defined by the 200 day average and trendline from 2014. Obviously, trading risk is higher than normal given the UK referendum on staying/leaving the EU.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.