GBP/USD Near The Combined Resistances
February 10, 2013 in Chart Alert
GBP/USD found support near the support trend line of the mid-term price action channel and jumped up. The current price action is near the resistance zone of past 2 weeks i.e. 1.5875 to 1.5893. Just above that the resistance of 55-day EMA and 38.2% retracement of the downward move from 1.6391 to 1.5630 are converging in near 1.5913/1.5916 and offer a joint resistance. The currency pair had broken below the key support of 200-day moving average and that previous support is now expected to act as resistance. The current 200-day moving average is at 1.5968.
GBP/USD weekly chart – price action channel
GBP/USD and 200-day moving average
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