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GBP/USD Breaks Short Term Bull Channel

GBP/USD Breaks Short Term Bull Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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.” The support line from October has been broken, which puts Cable under immediate pressure towards the 11/18 low at 1.2301.

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

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