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GBP/USD Classical Technical Report 01.31

GBP/USD Classical Technical Report 01.31

2012-01-31 07:29:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 01.31

GBP/USD:The market has mostly been locked in some sideways chop over the past few weeks with any rallies very well capped ahead of 1.5800 and setbacks supported on dips below 1.5300. Until either side is convincingly broken, we would expect to see additional range trade. Therefore the preferred strategy is to look to sell by the range highs and buy dips to range lows. Only a weekly close above 1.5800 or below 1.5250 would give reason for outlook shift.

--- Written by Joel Kruger, Technical Currency Strategist

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

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