Forex Analysis: GBPUSD Classic Technical Report 10.26.2012
Prices rebounded from resistance at 1.5911 – the 38.2% Fibonacci retracement – completing a Bullish Engulfing candlestick pattern and re-taking the 1.60 figure. The bulls are now challenging falling trend line resistance set from mid-September (1.6150), with a break above that exposing double top resistance at 1.6303. A reversal below 1.60 targets 1.5911 anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.