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GBP/USD Classical 03.18

GBP/USD Classical 03.18

2011-03-18 06:27:00
Joel Kruger, Technical Strategist
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GBPUSD_Classical_body_gbp2.png, GBP/USD Classical 03.18

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. This has resulted in the latest sharp pullback below 1.6000, and from here, we see risks for additional declines towards next key support in the 1.5700 area over the coming days. Any intraday rallies are expected to be well capped below 1.6200 on a close basis, with only a close back above 1.6200 seen compromising our bearish outlook.

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

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