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GBP/USD Enjoying its Dalliance with Long Term Slope Line

GBP/USD Enjoying its Dalliance with Long Term Slope Line

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The GBP/USD rally has failed at a 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. Likewise, a move above the level would be seen as significant. Near term, watch for support from the short term trendline (originates at 10/25 low).

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