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GBP/USD Rips off of Lower Channel Boundary

GBP/USD Rips off of Lower Channel Boundary

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“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.” Price rode the channel for 6 days before finally turning up. The 55 day average (now) and 1.2390 (good pivot since November) may prove tough in the near term. Even then, channel resistance is slightly higher.

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