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GBP/USD Classical Technical Report 05.30

GBP/USD Classical Technical Report 05.30

2011-05-30 05:18:00
Joel Kruger, Technical Strategist
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GBPUSD_Classical_body_gbp2.png, GBP/USD Classical Technical Report 05.30

GBP/USD: The 100-Day SMA has proven to be formidable support for the pair, with the price rallying substantially out from the 1.6060 lows to trade back towards 1.6500. However, we would expect rallies to now be well capped below 1.6550 on a daily close basis, with gains even potentially holding below 1.6480 on a close basis which represents the 61.8% fib retrace off of the 1.6740-1.6060 move. Look for a lower top in the 1.6500 area ahead of the next major downside extension below 1.6000 over the coming days. Ultimately, only a daily close back above 1.6550 would negate outlook.

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

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