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GBP/USD Classical Technical Report 05.04

GBP/USD Classical Technical Report 05.04

2012-05-04 07:31:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp.png, GBP/USD Classical Technical Report 05.04

GBP/USD: Although the market had been very well bid in recent sessions, the rally looks like it might finally be closer to stalling out in favor of a bearish resumption. Look for a daily close back below 1.6150 to officially confirm, but aggressive traders may want to consider fading any strength beyond 1.6300 with daily studies starting to roll from overbought. Ultimately, only a daily close above 1.6400 would delay outlook.

--- Written by Joel Kruger, Technical Currency Strategist

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

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