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GBP/USD Classical 03.11

GBP/USD Classical 03.11

2011-03-11 07:14:00
Joel Kruger, Technical Strategist
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GBPUSD_CLassicla_body_gbp2.png, GBP/USD Classical 03.11

GBP/USD:The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. Monday’s bearish outside day was impressive with the market engulfing the previous 2 day range and closing just under 1.6200 to open the door for deeper setbacks over the coming sessions. Look for a break below 1.6030 to strengthen outlook while a close back under 1.5960 accelerates further. Intraday rallies should be well capped ahead of 1.6200, while only back above 1.6345 ultimately negates.

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

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