GBPUSD—looks corrective

The daily action looks corrective before another downward move. The price swings back and forth show strong feelings on both sides. 1.5121 is the bottom of the channel on the daily chart; RSI has already broken below its uptrend line so let's see if price follows. Support is at 1.5151, 1.5121, 1.4949, 1.4874 and 1.4854.

The channel top is 1.5523 which is also near the April 14th, 15th and 26th highs. That would be a lovely short. Before the top there is resistance at 1.5197, 1.5242, 1.5351, 1.5447 and 1.5472.

Here’s the daily chart:













© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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