GBP/USD Chart Alert: The Two And Half Years Old Support Turns Into Resistance

March 10, 2013 1:37 am in Chart Alert

GBP/USD has been in a very volatile side ways range since July 2010 i.e. over two and a half years. The low of this range was 1.5233 and the high was 1.6746. The currency pair recently broke below this range when it went as low as 1.4885 during the last week. This break made the bearish outlook strong for GBP/USD but what has made this bearish outlook even stronger is the fact that the support of 1.5233 has turned into resistance. The recent upward consolidations have found resistance below this previous support when the pair fell before testing this level and from 1.5222.

GBP/USD weekly chart

Please also check the the daily analysis for GBP/USD.

Tags: chart alert, gbp/usd alert, GBP/USD resistance levels, GBPUSD

← Forex Chart Alert – EUR/USD Gets Another Bearish Signal

Chart Alert: AUD/USD And Possible Supports And Resistances →

Author Info

ForexAbode.com
ForexAbode.com's analysts provide Forex market analysis based on technical, fundamental as well as psychological aspects. Apart from the daily and weekly Forex outlook posted on the respective pages, the outlook and news are also updated on the blog section. ForexAbode analysis is also featured on some of the leading financial news and analysis sites including International Business Times, MarketOracle, ForexStreet and more. Please use the comment form below or contact us page for any comments, suggestions or complaints. You may also write to us at contact(@)forexabode.com by removing the brackets in the email address or connect with us on Google+

Contributor Contact, Accountability and Policies