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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

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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