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GBP/USD Classical Technical Report 02.17

GBP/USD Classical Technical Report 02.17

2012-02-17 07:17:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 02.17

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 below comes in at 1.5645, and a daily close below will confirm outlook and accelerate declines back down towards the 1.5250 area. Until then, expect more choppy consolidation with rallies seen well absorbed above 1.5900. A break and close back above 1.5930 however will open the door for fresh upside through 1.6000. .

--- Written by Joel Kruger, Technical Currency Strategist

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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