GBP/USD Classical Technical Report 06.06
GBP/USD: Daily studies are now well oversold and from here risks seem tilted to the upside to allow for a necessary short-term corrective bounce after setbacks stalled just shy of the 2012 lows from January. Look for a break and close back above 1.5440 to strengthen short-term bullish outlook, with acceleration then projected into the 1.5600-1.5800 area where a fresh lower top will be sought out in favor of underlying bear trend resumption.
--- Written by Joel Kruger, Technical Currency Strategist
To contact Joel Kruger, email email@example.com. Follow me on Twitter @JoelKruger
To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.