GBP/USD Uptrend Runs into a Long Term Parallel

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-I wrote last update that “pattern and direction is unclear from my perspective.” I still feel this way regarding cable but today’s high did land right on an important long term parallel. The parallel is defined by the 2007-2011 trendline (off of the highs) and extends off of the 2009 high. That line has pinpointed major inflection points for years. In other words, GBP/USD hit important resistance today. Likewise, a move above the level would be seen as significant.