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GBP/USD Classical 02.22

GBP/USD Classical 02.22

2011-02-22 07:24:00
Joel Kruger, Technical Strategist
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GBPUSD_Classical_body_gbp2.png, GBP/USD Classical 02.22

GBP/USD:The market largely remains locked in some consolidation after continuously stalling out by and ahead of key resistance at 1.6300. From here, it is difficult to establish a clear directional bias and we will need to see a sustained break above 1.6300 or back below 1.5960 for additional clarity. In the interim, in light of yet another topside failure ahead of 1.6300, we look for a short-term bearish resumption back towards 1.5960 over the coming sessions.

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

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