Daily Price Action

GBPUSD Breaks Six-Month Resistance Level


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First up today is GBPUSD. If you follow me on Twitter you’ve probably already seen this chart, but it’s so nice that I had to post it again.

As we all know, this pair has been severely depressed over the past seven months, falling more than 2,000 pips during that time. That may be about to change…

The pair was able to break long-standing channel resistance yesterday, giving us reason to believe that the pair will see higher prices in the days to come.

GBPUSD daily chart (broader view):

GBPUSD daily forex chart

I’m not quite ready to jump on the bullish bandwagon and talk about a multi-month rally as the broader trend is still down. However this break does constitute a valid trade setup for us.

Summary: Wait for a buying opportunity between 1.5340 and 1.5370. Bullish price action is preferred but not required given the significance of yesterday’s break. Resistance comes in at 1.5480 and 1.5800.

GBPUSD daily channelEURJPY analysis

EURJPY 4 hour forex chart


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