GBP/USD Classical Technical Report 09.26
GBP/USD: The market has now extended declines to our objective by 1.5350, with the setbacks matching the December 2010 lows. While we continue to project additional weakness over the medium-term, short-term technical studies are quite stretched and as such, we see risks for a potential corrective rally before the underlying downtrend resumes. Look for a bounce over the coming sessions back towards previous support now turned resistance by 1.5780 where a fresh lower top will then be sought ahead of the bearish resumption.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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