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GBP/USD Classical Technical Report 04.24

By Joel Kruger, Technical Strategist
24 April 2012 06:31 GMT
Daily_Classical_GBPUSD_body_gbp.png, GBP/USD Classical Technical Report 04.24

GBP/USD: The recent break back above 1.6000 now opens the door for fresh upside towards the October 2011 peak at 1.6165. However, any additional gains beyond 1.6165 should prove hard to come by, and we once again see risks for a bearish reversal in favor of renewed weakness back down towards key support by 1.5800. A break and close below 1.5800 will then accelerate declines. Ultimately, only a weekly close above 1.6165 would negate underlying bearish bias.

--- Written by Joel Kruger, Technical Currency Strategist

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24 April 2012 06:31 GMT