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GBP/USD Classical Technical Report 10.05

GBP/USD Classical Technical Report 10.05

2011-10-05 06:04:00
Joel Kruger, Technical Strategist
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Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 10.05

GBP/USD: The latest corrective price action has stalled out by 1.5715, and it looks as though the market could be in the process of carving a fresh lower top ahead of the next downside extension back below 1.5325 over the coming sessions. Below 1.5325 should then accelerate declines back under 1.5000, but in the interim, look for any rallies to be well capped ahead of 1.5700, with only a break back above to delay outlook and give reason for pause.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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