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GBP/USD –Top of Channel in Play, BTD Approach Still Favored

GBP/USD –Top of Channel in Play, BTD Approach Still Favored

Paul Robinson, Strategist

GBP/USD pushed to a new cycle high yesterday, bringing into play the upper parallel (~13900) of the channel it has been carving out since October. Resistance is in the direction of the trend, so it isn’t viewed as major but enough to induce a pullback. Given the way Cable has been trading, the best move may be for would-be longs to wait until a pullback develops; 13750-ish, around the Jan high may see buyers step back in. Generally speaking, staying bullish but the see-saw nature of the rally suggests buying dips over chasing momentum.

GBP Forecast
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GBP/USD Daily Chart (top of channel coming into play)

GBP/USD daily chart

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---Written by Paul Robinson, Market Analyst

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