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GBP/USD Classical Technical Report 05.16

GBP/USD Classical Technical Report 05.16

2011-05-16 05:45:00
Joel Kruger, Technical Strategist
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GBPUSD_CLassical_body_gbp2.png, GBP/USD Classical Technical Report 05.16

GBP/USD: The market is starting to give way, with the price now dropping back below the 50-Day SMA to warn of additional declines over the coming sessions. Look for deeper setbacks below 1.6000, with any rallies now expected to be well capped ahead of 1.6400. Ultimately, only back above 1.6520 gives reason for concern.

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

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