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Forex Analysis: GBP/USD Classic Technical Report 12.05.2012

By , Currency Strategist
05 December 2012 06:27 GMT

Prices bounced from support at a rising trend line set from the June 1 low after completing a bullish Piercing Line candlestick pattern. The bulls have now overcome downward-sloping resistance set from mid-September, exposing the next upside barrier at 1.6145. A push above that aims for 1.6309. Alternatively, a reversal back through the trend line (1.6040) exposes the 1.5951-1.6003 region, followed by the trend line at 1.5908.

Forex_Analysis_GBPUSD_Classic_Technical_Report_12.05.2012_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 12.05.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

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05 December 2012 06:27 GMT