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The Two And Half Years Old Support Turns Into Resistance For GBP/USD

March 10, 2013 1:37 am GMT+0  in Chart Alert

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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

GBP/USD- Support turning into resistance

 

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

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