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GBP/USD Classical Technical Report 02.22

By Joel Kruger, Technical Strategist
22 February 2012 07:05 GMT
Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 02.22

GBP/USD: The market is back to challenging the 200-Day SMA which managed to successfully cap gains on previous attempts. At this point, we continue to recommend fading any strength towards or just over the 200-Day SMA in anticipation for yet another topside failure and bearish resumption. As such, our recommendation would be to look to sell rallies towards 1.6000. Ultimately, only a close above 1.6250 would fully negate outlook.

--- Written by Joel Kruger, Technical Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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22 February 2012 07:05 GMT