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GBPUSD Classic Technical Report 07.27.2012

GBPUSD Classic Technical Report 07.27.2012

2012-07-27 10:43:00
Ilya Spivak, Head Strategist, APAC
Share:

Prices are testing resistance at 1.5722, marked by the top of an emerging Triangle chart pattern and the range top in place since mid-June. Resistance is further reinforced by the 50% Fibonacci retracement at 1.5784. A break above the latter barrier exposes 1.5906. Near-term support lines up at 1.5484.

GBPUSD_Classic_Technical_Report_07.27.2012_body_Picture_5.png, GBPUSD Classic Technical Report 07.27.2012

Daily 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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