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GBP/USD Classical Technical Report 10.26

GBP/USD Classical Technical Report 10.26

2011-10-26 06:57:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 10.26

GBP/USD: The market has been well bid since breaking the neckline of a double bottom at 1.5715, with rallies extending into the 1.6000 area thus far. The measured move objective for the pattern projects additional gains into the 1.6100’s, but any additional strength beyond this area is likely to be well capped by the 200-Day SMA in favor of a resumption of a broader underlying downtrend. As such, our strategy for now is to look for opportunities to fade additional strength above 1.6000 and towards the 200-Day SMA. It is worth paying attention to the daily Ichimoku cloud which shows the market still in a downtrend and trading into key cloud resistance. A daily close back under 1.5900 will however be required to more officially alleviate immediate topside pressures.

--- Written by Joel Kruger, Technical Currency Strategist

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

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