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GBPUSD: Pullback Hinted Below 1.64 Level

GBPUSD: Pullback Hinted Below 1.64 Level

2011-07-29 02:16:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

GBPUSD continued higher after completing a Head and Shoulders bottom above the 1.58 figure last week. The measured target for the formation is at 1.6562, hinting there is more upside ahead, but a near-term bearish Rising Wedge setup coupled with a Dark Cloud Cover candlestick pattern hint a pullback may materialize before the bulls regain control. A corrective selloff sees initial support at the previously broken H&S neckline, now squarely at the 1.62 figure.

GBPUSD_Pullback_Hinted_Below_1.64_Level_body_Picture_5.png, GBPUSD: Pullback Hinted Below 1.64 Level

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