GBP/USD Classical Technical Report 09.05
GBP/USD: The market remains locked in a broader consolidation off of the April highs, and a fresh top is now sought out by 1.6600 in favor of the next downside extension back towards the recent range lows at 1.5780. Ultimately, only a daily close above 1.6550 would delay outlook and give reason for pause, while the latest daily close back under 1.6350 should accelerate declines. In the interim, look for any intraday rallies to be well capped below 1.6400 on a daily close basis. Back under 1.6110-20 accelerates with these levels representing the11Aug low and 200-Day SMA respectively.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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