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GBP/USD Classical Technical Report 05.31

GBP/USD Classical Technical Report 05.31

2011-05-31 05:25:00
Joel Kruger, Technical Strategist
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GBPUSD_Classical_body_gbp2.png, GBP/USD Classical Technical Report 05.31

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 above 1.6500. However, we would expect rallies to now be well capped below 1.6600 on a daily close basis. 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 1.6600 would negate outlook.

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

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