GBPUSD Classic Technical Report 08.07.2012
Prices are pulling back from resistance at 1.5638, with sellers aiming to challenge trend line support set from the June 1 high now at 1.5504. This barrier is reinforced by horizontal support at 1.5484. A break below the latter barrier initially exposes 1.5392. Alternatively, a reversal through resistance aims to challenge 1.5769.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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