GBPUSD broke 4 year old resistance trend line

November 27, 2013 in Chart Alert

Two resistance and support trend lines have been guiding the price action of GBP/USD for past 4 years. We have been mentioning about these for past many months and the previous  update was in this chart alert. Today that history was broken when GBP/USD did not only broke above the resistance of 1.6260 but broke above this 4 year old resistance trend line to touch 1.6303.

The break

GBP/USD breaks over the resistance

Now where?

The next target should be 1.6381. A strong resistance may be faced there but a break over that should lay the red carpet for a test of the next psychological range of 1.6500. GBP/USD has been below that level for over past 2 years. The last effort was during the week of August 21st, 2011 when the pair had failed to sustain over 1.6500 after touching 1.6572

1 response to GBPUSD broke 4 year old resistance trend line

  1. GBP/USD went as high as 1.6330 but lost some momentum. However the price is finding support at 5-day EMA and a test of 1.6380/1.6381 is still expected.