Tuesday, December 6, 2022

Chart Of The Day GBP/USD


The has been quietly rallying as we near some key resistance from the 1.3300 to the 1.3500 levels. 1.3322 is the 78% retracement of the Sept 1 high to Sept lows. Above that is the underside of the broken trend line (pink) and 161% extension of the last move lower at the end of October.

Above that is the long term trend line and horizontal resistance near the 1.3500 level. You may not think we could break that, but the GBP is one major headline from doing it. Lack of any new Brexit developments, we could see sellers stepping in soon ahead of these levels.

GBP/USD Daily Chart
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