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GBP/USD Classical Technical Report 10.12

GBP/USD Classical Technical Report 10.12

2011-10-12 07:00:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp2.jpg, GBP/USD Classical Technical Report 10.12

GBP/USD: The break back above 1.5715 on Wednesday triggers the formation of an inter-day double bottom on the daily chart which now opens a fresh upside extension towards a measured move objective at 1.6100. The 1.6100 area also loosely coincides with the 100/200-Day SMAs, but we would expect that any additional gains should be capped by these longer-term SMAs ahead of a resumption of the broader underlying downtrend.

--- Written by Joel Kruger, Technical Currency Strategist

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

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