GBPUSD Classic Technical Report 08.23.2012
Prices are testing resistance at 1.5906, the 61.8%Fibonacci retracement, with a break higher exposing the 1.60 figure and the 76.4% level at 1.6057. Near-term support lines up in the 1.5769-84 area, defined by the March 22 low and the 50% Fib. A push back below that sees support is in the 1.5638-62 region, marked by a former horizontal support set from mid-February and the 38.2% retracement.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.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 firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.