Not Yet A Breakout

$GBPUSD has finally hit 1.6300. After hitting resistance at 1.6250 for over 3 months and dropping to 1.5850, cable finally managed to hit the big psych level at 1.6300. I see many bears in the $GBPUSD stream at this price level. While a daily chart breakout is hardly a bearish event, check out the weekly chart. We’ve been here before…with no follow through.


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

comments powered by Disqus
Faith Might FX Blog