Technical analysts cite a “rising wedge” trend-line formation, expressing a potential reversal.
[I][U]GBP/USD Technical:[/U][/I] [B]GBP/USD[/B]
- [B]Resistance: 2.0200[/B]
- [B]Support: 1.9760 (76.4% FIB)[/B]
- Fibonacci retracement levels deem the 1.998 (338.2%) level a significant short-term support zone for GBPUSD as old resistance is used as new support.
- Further analysis of the relative strength index (RSI) indicates GBPUSD is currently on the cusp of the “overbought” range injecting bearish sentiment.
- 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]See Daily Technicals for more details:[/I]
USDCHF Plummets - Decline Likely to Extend