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GBP/USD Classical Technical Report 10.31

GBP/USD Classical Technical Report 10.31

2011-10-31 06:56:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 10.31

GBP/USD: The market has finally reached the major double bottom objective just over 1.6100 that was triggered on the break of neckline resistance at 1.5715 back on October 12. From here, scope is for a resumption of what we believe to be a broader downtrend and we expect the 200-Day SMA, which coincides with the double bottom objective, to cap gains on a daily close basis ahead of the next major downside extension. Look for a break and close back below 1.5950 to confirm and accelerate, while only a close above the 200-Day SMA negates. Monday’s price action encourages outlook.

--- Written by Joel Kruger, Technical Currency Strategist

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

To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com

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