GBP/USD Classical Technical Report 02.29
GBP/USD: The market has now broken above the 200-Day SMA for the first time in several months and this now warns of the potential for additional upside above 1.6000 over the coming sessions. Still, we see any additional rallies as being very well capped ahead of 1.6200 and our strategy is to look to fade overdone intraday rallies above 1.6000 in favor of an underlying bearish resumption. Conservative traders will want to wait for confirmation on a break and close below 1.5800.
--- Written by Joel Kruger, Technical Currency Strategist
To contact Joel Kruger, email firstname.lastname@example.org. Follow me on Twitter @JoelKruger
To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.