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GBP/USD Classical 03.16

GBP/USD Classical 03.16

2010-03-16 06:13:00
Joel Kruger, Technical Strategist
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gbp2

GBP/USD: Technically, the break back above 1.5195 on Friday has triggered a major double bottom formation that would now project additional upside back towards the 1.5600 area over the coming days. Nevertheless, we are not as comfortable recommending a play of this double bottom, with daily studies having already corrected nicely from oversold levels, and the market very much locked in an intense downtrend. Instead, we recommend standing aside for now and awaiting a clearer signal.

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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