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GBP/USD – Watch 1.2200 but Nothing Positive Unless above 1.2380s

GBP/USD – Watch 1.2200 but Nothing Positive Unless above 1.2380s

2017-03-02 21:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD – Watch 1.2200 but Nothing Positive Unless above 1.2380s

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent comments noted that “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.” Cable has dropped every day since last Friday (5 days down) and is nearing the mentioned 1.2200/30. Pay attention for a reaction (especially near the lower end) although price would need to regain 1.2390 (pivot since late November) in order to suggest something constructive in the works.

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