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GBP/USD Classical Technical Report 10.10

GBP/USD Classical Technical Report 10.10

2011-10-10 07:39:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 10.10

GBP/USD: Although the overall structure remains bearish, setbacks have been very well supported around the 1.5300 area and the market is currently in the process of consolidating the recent declines. We would however warn of the potential formation of a double bottom on the daily chart, with a break and daily close back above the neckline at 1.5715 to confirm the formation and expose a more significant rally back above 1.6000. However, inability to establish above 1.5715 will keep the bearish structure intact and open the door for a bearish resumption back towards and below the recent range lows at 1.5270.

--- Written by Joel Kruger, Technical Currency Strategist

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

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