GBP/USD:The latest break back above 1.5910 delays bearish prospects for the time being and now opens the door for additional strength through psychological barriers by 1.6000 over the coming sessions. Nevertheless, our core bias still remains bearish and any rallies beyond 1.6000 and towards 1.6050 are viewed as a formidable sell opportunity in favor of some renewed downside pressures. Look for a break and close back below 1.5835 to confirm and accelerate. A close above 1.6100 negates.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail jskruger@fxcm.com and you will be added to the "distribution" list.
If you wish to discuss this topic or any other feel free to visit our Forum page
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
