GBP/USD October Lows Pressed Again, First Hurdle at 1.2300

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-I thought Cable was turning up for a test of the mid-1.2500s. Guess not. Towards the end of trading (2 hours left) on Tuesday, GBP/USD is confined to a narrow range and just above the October lows (post-crash). Given this level and the daily doji, I’m looking for a turn higher.