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GBP/USD Classical Technical Report 04.12

GBP/USD Classical Technical Report 04.12

Joel Kruger, Technical Strategist
daily_classical_sterling_body_gbp.png, GBP/USD Classical Technical Report 04.12

GBP/USD: Failure to establish any fresh momentum on the recent break above 1.6000, followed by an aggressive bearish reversal now suggests that the market could finally be looking to carve a top in favor of a more significant decline over the coming sessions. Look for a break and close below next support at 1.5800 to reaffirm outlook, while back above 1.6065 would be required to negate.

--- Written by Joel Kruger, Technical Currency Strategist

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

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