GBP/USD Classic Technical Report 07.05.2012
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.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org