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GBP/USD Short Term Range Environment Still Favored

GBP/USD Short Term Range Environment Still Favored

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Short Term Range Environment Still Favored

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.

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

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