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GBP/USD at Former Channel Support Line

GBP/USD at Former Channel Support Line

2016-11-01 00:49:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD at Former Channel Support Line

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-GBP/USD has traded sideways since the 10/7 crash, finding support near 1.21 on numerous occasions (range expansion from the July rally (1.2798-1.3481) yields a measurement of 1.2115). The last note remarked, “pay attention to former channel support, which is near 1.2300 now.” The former channel has been reached (high is just under 1.2300) so Cable could turn lower again. It’s still wise to implement 1.2433 (crash day close) as a dividing line of sorts.

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