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GBP/USD Classical 02.04

GBP/USD Classical 02.04

2011-02-04 06:07:00
Joel Kruger, Technical Strategist
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GBPUSD_CLASSICAL_body_gbp2.png, GBP/USD Classical 02.04

GBP/USD:Bearish reversal formations don’t get much prettier than the one seen on Thursday with the market putting in a bearish outside day after stalling out just ahead of key psychological barriers and range resistance by 1.6300. The formation is almost too pretty, but a break and close below 1.6120 on Friday will confirm topping and open the door for a more significant pullback towards the 1.5800 area over the coming sessions. Back above 1.6280 would however be concerning and likely negate topping prospects.

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

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