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GBP/USD Threatening February Floor

GBP/USD Threatening February Floor

2017-02-28 21:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Threatening February Floor

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent comments noted that “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.” As February gives way to March, GBP/USD is pressing the issue on ‘1.2400ish’. If it breaks then watch for support from the mentioned 1.2278 and/or near the late December support of 1.2200/30.

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