British Pound Rockets off of Low Towards 20 Day Average

December 31st, 2011

Daily Bars

Prepared by Jamie Saettele, CMT

It has been a range month for the GBPUSD between primarily 15400 and 15750. The drop to a monthly low yesterday sets sights on the October low at 15270. I wrote yesterday though to “respect potential for additional range action between the current level and the mentioned 15750. The current environment is not conducive to breakouts although that may change next week.” Cable has turned up and is nearing resistance from the 20 day average and former support at 15580. 15490 is support.

source form: dailyfx