GBP/USD Trading Levels are 1.2200, 1.2300, and 1.2500
Chart Prepared by Jamie Saettele, CMT
-As I type, Cable is up over 3% on the day. Comparable 1 day rallies occurred in 1985 (near a then record low), and in October 2008. A number of round figures look like they could come into play as support and resistance in the coming days; specifically 1.2200 and 1.2300 as support and 1.2500 as resistance. Strength through 1.2500 would favor a bullish breakout interpretation.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.