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GBP/USD – Watch for Support Below 11/9 Low (1.2350)

GBP/USD – Watch for Support Below 11/9 Low (1.2350)

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Cable has pulled back from last Friday’s high. Big resistance still looms at the July low (1.2791). If GBP/USD is going to make it that level, then former trendline resistance turned support should provide support again. It’s tempting to draw a trendline off of the 10/7 crash low but don’t do it. Every data feed is different given the lack of liquidity on that spike. In other words, you don’t really know where the low was.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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