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GBPUSD Classic Technical Report 07.20.2012

GBPUSD Classic Technical Report 07.20.2012

2012-07-20 04:05:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing resistance at 1.5721 after clearing the top of a falling channel set from the July 20 high, with a Hanging Man candlestick hinting a pullback may be ahead. Initial support lines up at 1.5662, with a break below that exposing the channel top (now recast as support) at 1.5584. Alternatively, a breach higher targets 1.5777.

GBPUSD_Classic_Technical_Report_07.20.2012_body_Picture_5.png, GBPUSD Classic Technical Report 07.20.2012

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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