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GBP/USD Classical Technical Report 09.15

GBP/USD Classical Technical Report 09.15

2011-09-15 05:48:00
Joel Krguer,
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GBPUSD_Classical_body_gbp2.png, GBP/USD Classical Technical Report 09.15

GBP/USD: Overall price action seems to suggest that this market could once again be looking to roll over in favor of some fresh medium-term declines. Any gains in recent months have proven to be very well capped above 1.6500, and this latest break back below 1.6000 opens the door for a pick-up in bearish momentum. Next key support by 1.5780 has just been broken and Wednesday’s daily close below the level confirms bias and should accelerate declines for a retest of 1.5345 further down. Any interday rallies are expected to be well capped below 1.6100, while ultimately, only back above 1.6500 would give reason for concern.

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

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