British Pound Close to Major Top

As technical levels become increasingly stretched above the psychologically significant 2.0000 level, cable traders will continue to take profits as more pre-set stops are triggered reaching 2.0200.

[I][U]Technical:[/U][/I] [B]GBP/USD
[/B]- Resistance: 2.0200

  • Support: 1.9700
  • Technical analysts cite a “rising wedge” trend-line formation, expressing a potential reversal.
  • Further analysis of the relative strength index (RSI) indicates GBPUSD is currently “overbought” injecting bearish sentiment.

See Daily Technicals for more details: