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GBP/USD Classical Technical Report 12.22

GBP/USD Classical Technical Report 12.22

2011-12-22 07:31:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 12.22

GBP/USD:Rallies have been very well capped ahead of 1.5800 and it looks as though a lower top has now been carved out by 1.5780 ahead of the next major downside extension back towards the October lows at 1.5270. Key support comes in by 1.5400 and a daily close below this level will be required to confirm bias and accelerate declines. Ultimately, only back above 1.5780 would negate bearish 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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