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GBP/USD Classical Technical Report 03.16

GBP/USD Classical Technical Report 03.16

2012-03-16 08:57:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 03.16

GBP/USD: The market has been costly confined to trade between the 100 and 200-Day SMAs since early February and the latest break back below the 100-Day SMA therefore suggests that we could be on the verge of a bearish break. The key level to watch comes in by 1.5600, and a break and close below this level will reaffirm bearish outlook and open the door for a more significant bearish decline towards the 1.5000-1.5300 area further down. Inability to establish below 1.5600 however, will suggest that more choppy directionless trade is in the cards.

--- Written by Joel Kruger, Technical Currency Strategist

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

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