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GBPUSD: Triangle Hints at Bearish Resumption

GBPUSD: Triangle Hints at Bearish Resumption

2012-07-27 11:05:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

GBPUSD is testing resistance at 1.5722, marked by the top of an emerging Triangle chart pattern and the range top in place since mid-June. Resistance is further reinforced by the 50% Fibonacci retracement at 1.5784. Broadly speaking, the Triangle hints at bearish continuation but well will hold off on entering short until confirmation of a reversal emerges. Near-term support lines up at 1.5484.

GBPUSD_Triangle_Hints_at_Bearish_Resumption_body_Picture_5.png, GBPUSD: Triangle Hints at Bearish Resumption

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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