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GBP/USD Bullish Angle Proves its Worth

GBP/USD Bullish Angle Proves its Worth

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Bullish Angle Proves its Worth

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Cable levels are playing out great. 1.2400ish continues to hold and consolidation from late January is viewed in the context of a possible double bottom. Near term, 1.2600ish is still resistance. Previously - “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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