GBPUSD Classic Technical Report 08.01.2012
Prices put in a bearish Three Inside Down candlestick pattern below range resistance at 1.5736, hinting a move lower is ahead. Near-term support is at 1.5484 and is reinforced by a rising trend line set from the June 1 swing low. A break below that opens the door for a challenge of downside targets at 1.5392 and 1.5270. Alternatively, a push higher through resistance exposes the 1.5817-47 area.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.