As technical levels become increasingly stretched above the psychologically significant 2.0000 level, cable traders may continue to take profits as more pre-set stops are triggered reaching 2.0200.
[I][U]GBP/USD Technical: [/U][/I][B]GBP/USD[/B]
- [B]Resistance:[/B] 2.0200
- [B]Support:[/B] 1.9760
- Technical analysts utilize the Simple Moving Average (SMA) to forecast trend direction. As outlined below the 20SMA crosses the longer 50SMA from the bottom resulting in a strong uptrend.
- Many investors are calling for a top in the GBPUSD and study of the relation between various moving averages can aid in identifying a reversal.
[B]See [I]Daily Technicals[/I] for more details[/B]