GBP/USD Reverses the Reversal; Probably in a Range
Chart Prepared by Jamie Saettele, CMT
DailyFX Trading Guides and Forecasts
-Recent GBP/USD action is consistent with a range but perhaps within a new trend (higher). The area around 1.2400 (55 day average, former highs and lows) should still be watched for support. Weakness below (daily close) would put the year open at 1.2278 back on the map. Daily highs from late January cluster around 1.2600 and is where I’d watch for near term resistance.
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