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GBP/USD Classical Technical Report 08.17

GBP/USD Classical Technical Report 08.17

2011-08-17 05:00:00
Joel Krguer,
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GBPUSD_Classical_body_gbp2.png, GBP/USD Classical Technical Report 08.17

GBP/USD: The market remains locked in a broader downtrend off of the April highs, and a fresh lower top is now sought out somewhere ahead of 1.6550 in favor of the next downside extension back towards the recent range lows at 1.5780. Ultimately, only a break back and close above 1.6550 would delay bearish outlook and give reason for pause, while back under the 200-Day SMA at 1.6090 should accelerate declines.

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

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