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GBP/USD Classical Technical Report 05.12

GBP/USD Classical Technical Report 05.12

2011-05-12 05:54:00
Joel Kruger, Technical Strategist
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GBPUSD_CLassical_body_gbp2.png, GBP/USD Classical Technical Report 05.12

GBP/USD: Setbacks have stalled out by the 50-Day SMA for now and the market has since been locked in some consolidation between 1.6300-1.6500. At this point, it is difficult to establish a clear short-term directional bias, and we will look for a break back above 1.6500 or below the 50-Day SMA for clarity. Until then, we remain on the sidelines.

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

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