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GBPUSD Classic Technical Report 07.16.2012

GBPUSD Classic Technical Report 07.16.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing below 38.2% Fibonacci retracement support at 1.5539, with a break below that exposing the 1.55 figure as well as the 23.6% Fib 1.5483. Near-term resistance lines up at 1.5584, the 50% retracement level. Overall positioning appears bearish whilst within the confines of a falling channel set from the June 20 high.

GBPUSD_Classic_Technical_Report_07.16.2012_body_Picture_5.png, GBPUSD Classic Technical Report 07.16.2012

8hr 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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