GBPUSD Classic Technical Report 08.13.2012
Prices took out resistance in the 1.5638-62 area marked by a former horizontal support and the 38.2% Fibonacci retracement, exposing the 1.5769-84 region. A break above that exposes the 61.8% Fib at 1.5906. The 1.5638-62 area has been recast as near-term support. A break below that aims for a rising trend line set from the June 1 low, now at 1.5526.
Daily Chart - Created Using FXCM Marketscope 2.0
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