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GBP/USD – Top Side of Former Resistance Line May Provide Support

GBP/USD – Top Side of Former Resistance Line May Provide Support

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

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Real Time Positioning

-The 55 day and noted 1.2390 was tough for 2 days but GBP/USD has broken through the short term channel. When viewed in the context of the possible bottoming pattern since October, upside should be taken seriously and the topside of the channel could provide support. Failure to hold at the top side of the channel would delay anything on the upside until at least 1.2302 (61.8%).

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

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