GBP/USD New Bullish Angle?
Chart Prepared by Jamie Saettele, CMT
-There is no change to Cable comments other than noting that the rate continues to hold 1.2400 which is viewed as a positive in the context of the possible double bottom. “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.