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GBPUSD Classic Technical Report 08.06.2012

GBPUSD Classic Technical Report 08.06.2012

Ilya Spivak, Head Strategist, APAC

Prices are pulling back from resistance at 1.5638, with sellers aiming to challenge trend line support set from the June 1 high, squarely at the 1.55 figure. The barrier is reinforced by horizontal support at 1.5484. A break lower initially exposes 1.5392. Alternatively, a reversal through resistance aims to challenge 1.5769.

GBPUSD_Classic_Technical_Report_08.06.2012_body_Picture_5.png, GBPUSD Classic Technical Report 08.06.2012

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

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