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GBP/USD Classical Technical Report 05.17

GBP/USD Classical Technical Report 05.17

2012-05-17 07:13:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp.png, GBP/USD Classical Technical Report 05.17

GBP/USD:The latest daily close below 1.6050 now opens the door for an acceleration of declines over the coming days back down towards next key support in the 1.5800's. At this point, look for any intraday rallies to be very well capped ahead of 1.6200, while only back above 1.6300 would negate outlook and give reason for pause.

--- Written by Joel Kruger, Technical Currency Strategist

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

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