GBP/USD Still Looking for September Gap at 1.2974 after May Day
Chart Prepared by Jamie Saettele, CMT
-Recent updates have noted that “a minor reaction following a breakout indicates a strong market. Additional sideways trade can’t be dismissed but realize that the reaction low after the breakout is 1.2755. That low represents a re-test of the December high (former resistance providing support…which is bullish).” GBP/USD has continued higher and focus remains in that direction. The uncovered close from September at 1.2974 is viewed as a minor hurdle.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.