GBP/USD; Watch former Channel Near 1.2300 for Resistance
Chart Prepared by Jamie Saettele, CMT
-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.
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