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GBP/USD; Watch former Channel Near 1.2300 for Resistance

GBP/USD; Watch former Channel Near 1.2300 for Resistance

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-GBP/USD has stabilized following the 10/7 crash but it’s far too early to suggest that something bullish is in the works. It is noteworthy however that Cable has found support near 1.21 on numerous occasions as the range expansion from the July rally (1.2798-1.3481) yields a measurement of 1.2115. Pay attention to former channel support, which is near 1.2300 now.

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.