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GBP/USD Classical Technical Report 09.27

GBP/USD Classical Technical Report 09.27

2011-09-27 05:28:00
Joel Krguer,
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GBPUSD_Classical_body_gbp2.png, GBP/USD Classical Technical Report 09.27

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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