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GBP/USD 5 of the Last 6 Days Touch a Channel Boundary

GBP/USD 5 of the Last 6 Days Touch a Channel Boundary

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“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 (has been for the last week). Prices can ride the channel line or plummet below but keep an eye out down here for short term constructive behavior such as a daily key reversal.

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