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Forex Analysis: GBPUSD Continues to Flirt with 1.60

Forex Analysis: GBPUSD Continues to Flirt with 1.60

2012-11-09 06:16:00
Ilya Spivak, Head Strategist, APAC
Share:

Strategy: Flat

Prices broke back below the 1.60 figure to expose the 38.2% Fibonacci retracement at 1.5911. A push below that targets rising trend line support at 1.5850 and the 1.5769-88 area. Alternatively, a reversal back above 1.60 aims for a falling trend line set from mid-September, now at 1.6112. Positioning doesn’t offer an actionable trade setup at the moment and we will remain on the sidelines.

Forex_Analysis_GBPUSD_Continues_to_Flirt_with_1.60_body_Picture_5.png, Forex Analysis: GBPUSD Continues to Flirt with 1.60

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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