GBPUSD Classic Technical Report 08.10.2012
Prices remain locked in a tight consolidation range. The pair is testing resistance in the 1.5638-62 area marked by a former horizontal support and the 38.2% Fibonacci retracement, with a break higher exposing the 1.5769-84 region. Near-term support is at a rising trend line set from the June 1 low, now at 1.5520, with a push below that initially exposing 1.5484. Current positioning doesn’t offer an actionable trade setup and we will stand aside until a clear directional bias reemerges.
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.