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GBP/USD Nears Long Term Channel Support

GBP/USD Nears Long Term Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist


GBP/USD Nears Long Term Channel Support

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“Obviously, trading risk is higher than normal given the UK referendum on staying/leaving the EU.” Understatement. GBP/USD realized its largest 1 day decline ever on Friday. Technically, multiyear channel support is just under the market and could inspire a bounce into former support in the 1.3800-1.4000 area.

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.