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GBP/USD Daily Key Reversal at 2 Month Highs

GBP/USD Daily Key Reversal at 2 Month Highs

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-GBP/USD continues to trade around an important long term parallel (magenta line). 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 is at important resistance. Likewise, a move above the level would be seen as significant.

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