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GBP/USD Classic Technical Report 07.05.2012

GBP/USD Classic Technical Report 07.05.2012

2012-07-05 01:42:00
Ilya Spivak, Head Strategist, APAC
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Prices sold off as expected after completing a bearish Dark Cloud Cover candlestick pattern on a retest of rising trend line support-turned-resistance. The pair is now showing a Harami setup above support marked by the 50% Fibonacci expansion at 1.5574, warning of a possible bounce. Initial resistance lines up at 1.5609, the 38.2% level. Alternatively, a break of support targets the 61.8% Fib at 1.5540.

GBPUSD_Classic_Technical_Report_07.05.2012_body_Picture_5.png, GBP/USD Classic Technical Report 07.05.2012

4hr Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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