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GBPUSD Classic Technical Report 08.02.2012

GBPUSD Classic Technical Report 08.02.2012

Ilya Spivak, Head Strategist, APAC

Prices declined as expected after putting in a bearish Three Inside Down candlestick pattern below range resistance at 1.5736. Near-term support remains at 1.5484 for now and is reinforced by a rising trend line set from the June 1 swing low. A break below this barrier opens the door for a challenge of downside targets at 1.5392 and 1.5270.

GBPUSD_Classic_Technical_Report_08.02.2012_body_Picture_5.png, GBPUSD Classic Technical Report 08.02.2012

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

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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GBP/USD
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