Chart Prepared by Jamie Saettele, CMT
-The near term GBP/USD rally has failed but the rate is trading off of a long term support (see here ). A push through the recent high of 1.4515 is needed in order to open up a run towards longer term downtrend resistance (and the 200 day average) close to 1.50. Recent reactions at the 1/21 low indicate support and are promising.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM .