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GBP/USD Classical 02.16

GBP/USD Classical 02.16

2011-02-16 07:33:00
Joel Kruger, Technical Strategist
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GBPUSD_Classical_body_gbp2.png, GBP/USD Classical 02.16

GBP/USD:The market looks to have once again found a meaningful top by the 1.6300 barrier, with the latest setbacks resulting in a series of daily lower tops before Wednesday’s minor reversal. From here we look for a break and close back below 1.6000 to confirm bias and accelerate declines back towards 1.5750 over the coming sessions. Current rallies should be well capped and only a daily close back above 1.6200 would give reason for concern.

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

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