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GBP/USD Classical 07.08

GBP/USD Classical 07.08

2010-07-08 05:47:00
Joel Kruger, Technical Strategist
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gbp2

GBP/USD: The recent rally in the market has been classed as corrective with the pair looking to carve out a fresh medium-term lower top below 1.5500.  Gains have so far stalled out just over 1.5200, and while there is a risk for additional upside towards 1.5300, we do not see the rally extending much beyond. Instead, look for a break back below 1.5080 to help confirm downside bias and accelerate declines towards next support by 1.4870. 

 

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