GBP/USD Ranging as Previously Suspected

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-There is no change to Cable comments. “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.”