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Rising up towards range highs

Rising up towards range highs | 22 November 2013

22 November 2013, GBP/USD

GBP/USD continues moving in a range-bound consolidation. Lately it has been moving up within the consolidation and is now at 1.6195, approaching the the 1.6255 range highs. It will probably continue until reaches 1.6255, at which point it will be at a pivotal turning point where it could either rotate lower and fall back down into the range, extending the consolidation or break-out higher, making new highs. If there is a decisive breakout above the range highs it could move all the way up towards 1.6650 – the width of the range extrapolated higher.

Rising up towards range highs

Mark Satcher
Analyst of «FreshForex» company
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