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GBP/USD Classical Technical Report 05.07

GBP/USD Classical Technical Report 05.07

2012-05-07 08:17:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp.png, GBP/USD Classical Technical Report 05.07

GBP/USD: Finally starting to see signs of a medium-term top and potential 2012 high after the market has stalled and retreated from the 1.6300 area. Key support now comes in by 1.6075 and a break and close below this level will confirm bearish bias and accelerate declines towards 1.5800 further down. Ultimately, only a break back above 1.6300 would negate and give reason for reconsideration.

--- Written by Joel Kruger, Technical Currency Strategist

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

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