ForexGen presents British pound/ US Dollar…

The British Pound/US Dollar currency pair has recently broken above trendline resistance, but the GBP has nonetheless failed to break above previous peaks near the 1.5080 mark. Continued failure at said mark would mean that further GBP/USD consolidation is likely, and the break above previous trendline resistance does not signal a new short-term uptrend is underway. Though it arguably seems unwise to call for range trading in such a volatile trading environment, the British Pound is likely to remain confined within its recent 1.4639-1.5090 trading channel.

The US Dollar/Swiss Franc continues to break through key resistance levels, and the pair trades at fresh 15-month highs through time of writing. Subsequent resistance now comes in at June, 2007 highs at 1.2340, and a break of said resistance mark would likely target 21-month highs near the 1.2470 mark. Also ForexGen Yet it serves to note that the USD/CHF remains in increasingly oversold territory, and every further rally increases the likelihood of a short-term retracement.