GBP/USD (daily chart) has rebounded off a confluence of key support factors that includes both a bullish support trend line extending back to the June 1.5265 area low as well as the 200-day moving average. For now, this bounce has preserved the prevailing bullish trend by respecting the strong support confluence, and has tentatively pushed back up above the 1.5900 resistance level. If GBP/USD is able to stay above the support provided by the moving average and the uptrend line, price could be positioned to sustain the bullish trend that has been in place for nearly half a year. In this event, the major potential resistance objectives to the upside include the key 1.6000 and 1.6150 levels. To the downside, any subsequent breakdown of this support confluence could find further potential support around the 1.5750 and then 1.5600 levels. James Chen, CMT Chief Technical Strategist FX Solutions Forex trading involves a substantial risk of loss and is not suitable for all investors. FX Solutions LLC (“FXS”) is compensated through a portion of the bid/ask spread. This information is being provided only for general market commentary (based on technical analysis) and does not constitute investment trading advice. Certain information contained herein has been obtained from sources that FXS believes to be reliable; however, FXS cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is subject to change without notice. FXS has no obligation to update any or all of such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy or accept responsibility for errors. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any financial instrument and should not be used as the basis for any investment decision. Past performance is not necessarily indicative of future results. No determination has been made regarding the appropriateness of any information contained herein. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated herein. FXS expressly disclaims any loss or profits that may arise from any use of the information contained in or derived from this commentary. FXS and its affiliates may engage in transactions that are inconsistent with the views expressed herein. FXS does not endorse nor is it responsible for any third-party posts related to this material. James Chen James Chen James Chen is Chief Technical Strategist for City Index Group. He is also a Chartered Market Technician. He is the author of the books: "Essentials of Foreign Exchange Trading" (John Wiley & Sons, 2009) and "Essentials of Technical Analysis for Financial Markets" (John Wiley & Sons, 2010). Mr. Chen writes currency analysis, leads forex trading seminars and has appeared in numerous major financial media outlets, including CNBC, Bloomberg TV, Forbes, Reuters, Dow Jones, and the Associated Press. View All Post By James Chen Forex News Today: Daily Trading News share Read Next FX Solutions Launches Capped Variable Spreads from 0.8 pips Yohay Elam 11 years GBP/USD (daily chart) has rebounded off a confluence of key support factors that includes both a bullish support trend line extending back to the June 1.5265 area low as well as the 200-day moving average. For now, this bounce has preserved the prevailing bullish trend by respecting the strong support confluence, and has tentatively pushed back up above the 1.5900 resistance level. If GBP/USD is able to stay above the support provided by the moving average and the uptrend line, price could be positioned to sustain the bullish trend that has been in place for nearly half a year. In… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
