GBPUSD Classic Technical Report 07.24.2012
Prices put in a Bearish Engulfing candlestick pattern below resistance in the 1.5722-69 area and broke back into the middle of the familiar range carved out since early June. Initial rising trend line support lines up at 1.5459, with a break below that exposing the 38.2% Fibonacci expansion at 1.5381. Key resistance remains in the 1.5722-69 region.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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