GBPUSD Classic Technical Report 07.23.2012
Prices put in a Bearish Engulfing candlestick pattern below resistance in the 1.5722-69 area and are pulling back to retest the previously broken top of a falling channel set from the June 20 high (now at 1.5567) as support. For now, the move lower can be classified as corrective given the upside breakout on July 17. A break back below the channel top would neutralize upside pressure however, exposing the 38.2% Fibonacci expansion at 1.5381
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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