GBP/USD Trendline Breakout

[DannyBly 10]

GBP/USD has broken the major downtrendline and rallied to the 50% level of the recent downmove. RSI remains bullish. The next major 50% retracement level is at 202.61.

 

 

Analysis By TradersLog.com

[arifwise 10]

hi dannybly

 

what happen to gbp ? it touched 2.0006 then dropped to current level 1.9823. Daily candle was pretty long on thursday. Any idea ? thanks a million. be bless always

[aidaweb01 10]

I'm bearish the GBP.

 

On the weekly its trading in a channel between 1.9945 and 1.9433

 

1.9777 is potential support - if that doesn't hold, then no more potential support til around 1.9558.

 

Fundamentals may play a part in this. If the BOE raise rates (and they were close last time they met) then GBP may rise. They are meeting on 9/10th July

[arifwise 10]

Thanks for sharing aidaweb01.

 

Pray you are bless with abundance of love, health and wealth. and being guided always for the truth in everything you are doing