GBP/USD – Constructive above 1.2250
Chart Prepared by Jamie Saettele, CMT
-“Is Cable carving a low? If so, then I can think of no better place for support than late December and early 2017 lows at 1.2200. As it is now, the rate is holding the 20 day average, which was resistance earlier this month and support in November but would think that a little more chop is needed in order to even out the +3% day.” The 20 day continues to hold and GBP/USD has broken through early month resistance just above 1.2400. This level was actually support today (1/24), which is viewed as a positive but the key level from a bullish perspective remains the 1/19 low at 1.2252.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.