GBP/USD Up Day at the Channel Boundary
Chart Prepared by Jamie Saettele, CMT
-“Cable is trading around 1.2200 so if something positive is going develop then it probably needs to happen now. Regaining 1.2390 (pivot since late November) would be a start.” 1.2200 hasn’t done much but GBP/USD is trading at the lower end of a bearish channel. Prices can ride the channel line or plummet below but keep an eye out down here for short term constructive behavior.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.