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GBPUSD: Another Test of 1.59 Figure Ahead

By , Currency Strategist
24 February 2012 09:10 GMT

Strategy: Pending Short

GBPUSD put in a bullish Piercing Line candlestick pattern above support at 1.5662, the 38.2% Fibonacci retracement level, hinting another upswing to challenge the recent range top at the 1.59 figure is ahead. As with the Euro, we maintain a broadly bearish bias but will remain on the sidelines for the time being absent an actionable short entry signal.

GBPUSD_Another_Test_of_1.59_Figure_Ahead_body_Picture_5.png, GBPUSD: Another Test of 1.59 Figure Ahead

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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24 February 2012 09:10 GMT