GBP/USD Technical Analysis: Watch Price Action Around 14000
GBP/USD Technical Highlights:
- GBP/USD trading under the big 14000 level
- Consolidate to breakout or reverse off the level?
Cable is trading beneath the important 14000 level. It isn’t just a psychological level, it has been validated as being meaningful since March. The two scenarios I’m watching are: consolidate for an eventual breakout above it or some type of reversal price action off the level to indicate that GBP/USD wants to head lower.
For the full details, check out the video above.
GBP/USD Daily Chart
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.