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GBP/USD Still Looking for September Gap at 1.2974 after May Day

GBP/USD Still Looking for September Gap at 1.2974 after May Day

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-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.