GBP/USD – Watch for Support Below 11/9 Low (1.2350)
Chart Prepared by Jamie Saettele, CMT
-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.