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GBP/USD Classical Technical Report 04.02

GBP/USD Classical Technical Report 04.02

Joel Kruger, Technical Strategist
Daily_Classical_GBPUSD_body_gbp.png, GBP/USD Classical Technical Report 04.02

GBP/USD: The market has recently broken to fresh 2012 highs beyond 1.6000 and this now likely opens additional upside back towards the October 2011 peak by 1.6170 further up. While our core bias remains bearish, we will stand aside and look for opportunities to sell into rallies towards 1.6200 in anticipation of an eventual bearish resumption. A break and close back below 1.5945 now required to alleviate immediate topside pressures.

--- Written by Joel Kruger, Technical Currency Strategist

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