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GBPUSD Classic Technical Report 09.21.2012

GBPUSD Classic Technical Report 09.21.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a bearish Evening Star candlestick pattern below resistance in the 1.6259-1.6300 area, marked by the late April swing top, hinting a move lower is ahead. Initial support stands at a falling trend line set from April 2011, now at 1.6126. A break below that exposes the 76.4% Fibonacci retracement at 1.6057. Alternatively, a push above resistance targets the 1.65 figure and the 123.6% extension at 1.6544.

GBPUSD_Classic_Technical_Report_09.21.2012_body_Picture_5.png, GBPUSD Classic Technical Report 09.21.2012

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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