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GBPUSD Classic Technical Report 10.16.2012

GBPUSD Classic Technical Report 10.16.2012

2012-10-16 11:19:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing resistance at a falling trend line set from the September 14 high, now at 1.6108, after bouncing from support at the 38.2% Fibonacci retracement (1.5996) as expected. A push above this boundary broadly clears the way for another challenge of the 1.63 figure. Alternatively, a break below support exposes the 50% retracement at 1.5899.

GBPUSD_Classic_Technical_Report_10.16.2012_body_Picture_5.png, GBPUSD Classic Technical Report 10.16.2012

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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