Pound Ripping Higher to Print Fresh 26-year High

[I][U]Technical:[/U][/I] [B]GBP/USD[/B]

  • [B]Resistance: 2.0400[/B]

  • [B]Support: 1.9700[/B]

  • Ripping through previous strong resistance at the 2.0200 mark, the “3-advancing white solders” candle formation exudes strength.

  • Relative Strength Index (RSI) readings indicate that the pair is well into overbought levels and could retrace back to prior levels as traders pocket profits.

  • With fresh 26-year highs, classic technical analysis states that previous resistance levels will emerge as new support zones. Traders note this development and place stops in accordance to this rule.

See [I][B]Daily Technicals[/B][/I]for further insight