GBPUSD Classic Technical Report 08.21.2012
Prices are showing a bearish Dark Cloud Cover candlestick pattern below resistance in the 1.5769-84 area, defined by the March 22 low and the 50% Fibonacci retracement, hinting a move lower may be ahead. Near-term support is in the 1.5638-62 region, marked by a former horizontal support set from mid-February and the 38.2% Fib. A break downward targets a rising trend line set from the June 1 low (1.5555). Alternatively, a reversal higher aims for the 61.8% Fib at 1.5906.
Daily Chart - Created Using FXCM Marketscope 2.0
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