GBP/USD Classical Technical Report 05.11
GBP/USD:The latest pullback has now resulted in a test of some rising trend-line support off of the late March lows, and as such, we will stand aside for now to see how the market responds to the trend-line. The 50-Day SMA has managed to support additional declines for now, but a break below would confirm a trend-line break and open deeper setbacks towards 1.6000. Inability to break below the 50-Day would open the door for a resumption of gains initially back towards the 1.6600 area.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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