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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)

2016-11-15 20:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD – Watch for Support Below 11/9 Low (1.2350)

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.

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