Blake Morrow’s Chart of The Day – June 4th 2021
The GBPUSD has been struggling with the 1.4250 resistance for the last few weeks and the problem with this has been a divergent RSI and also it was at the old February highs (1.4241) from earlier this year. We are in an ascending channel with support just above the 1.4000 level. The risk is tomorrow. A strong jobs report could put some upside pressure on the US Dollar across the board, and this could put the Cable below the 1.4000 level. A move like that would stir up talk of a long term double top developing. Cable bulls should be careful with tomorrow’s jobs data.