News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBPUSD Classic Technical Report 08.15.2012

GBPUSD Classic Technical Report 08.15.2012

Ilya Spivak, Head Strategist, APAC

Prices are stalling after taking out resistance in the 1.5638-62 area marked by a former horizontal support set from mid-February and the 38.2% Fibonacci retracement. Resistance is now in the 1.5769-84 region, defined by the March 22 low and the 50% retracement. A break above this hurdle exposes the 61.8% Fib at 1.5906. The 1.5638-62 area has been recast as near-term support, with a reversal back below that aiming to challenge a rising trend line set from the June 1 low (1.5539).

GBPUSD_Classic_Technical_Report_08.15.2012_body_Picture_5.png, GBPUSD Classic Technical Report 08.15.2012

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.

DISCLOSURES