GBPUSD Classic Technical Report 07.13.2012
Prices are testing support at 1.5383, the 38.2% Fibonacci retracement, a barrier reinforced by the lower boundary of a falling channel set from the late June swing top (now at 1.5405). Near-term resistance lines up at 1.5532, the 23.6% Fib, with a break above that targeting the channel top at 1.5659. Alternatively, a breach below support exposes the 1.5261-70 area.
Daily 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.