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GBP/USD Classical 03.29

GBP/USD Classical 03.29

2011-03-29 05:33:00
Joel Kruger, Technical Strategist
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GBPUSD_CLassical_body_gbp2.png, GBP/USD Classical 03.29

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. As we had warned in the previous daily analysis, the market has once again rejected trading above the figure to set up a bearish reversal exposing deeper setbacks into the 1.5700 area over the coming sessions. Ultimately, only back above 1.6300 delays.

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

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