GBP/USD Finds Support at the Top Side of Former Resistance Line
Chart Prepared by Jamie Saettele, CMT
-The last update noted that “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%).” GBP/USD has held the top side of the channel (to the tick). Cable has a tendency to test a level multiple times before heading to its destination. In other words, don’t be surprised to see a few more stabs at the channel line.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.