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USD, GBPUSD Charts and Technical Outlook

USD, GBPUSD Charts and Technical Outlook

Paul Robinson, Strategist

Technical Outlook:

US Dollar Index (DXY) could be on the verge of accelerating lower as major long-term support is looking set to break. Support we looked at from 1998 (yes, all the way back to 1998) and the trend-line from 2011 are right in the vicinity of current price action. The 2011 trend-line despite it only having the bare minimum to make a trend-line (two connecting points) is re-enforced by a parallel to it that was highly influential over the years, most recently from 2017 to 2019.

DXY Weekly Chart (big crossroad)

DXY weekly chart

U.S. Dollar Currency Index (DXY) Chart by TradingView

GBP/USD is running towards a major crossroad of its own via the 2007 downtrend line and 2009 low. The 2009 low acted as resistance again back in December. The crossing of these two major thresholds could make the coming days and weeks very significant from a big-picture standpoint.

GBP/USD Weekly Chart (13500 major level)

GBP/USD weekly chart

GBP/USD Chart by TradingView

For all the charts we looked at, check out the video above…

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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.

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