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GBP/USD Classical Technical Report 02.16

GBP/USD Classical Technical Report 02.16

Joel Kruger, Technical Strategist
Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 02.16

GBP/USD: Gains have stalled out just shy of the 200-Day SMA for now and the market looks like it could be in the process of once again rolling over in favor of a bearish resumption. The key level to watch comes in at 1.5645, and a daily close below will confirm outlook and accelerate declines back down towards the 1.5250 area. Back above 1.5830 however would delay and give reason for pause.

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--- Written by Joel Kruger, Technical Currency Strategist

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

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