Forex Analysis: GBPUSD Classic Technical Report 11.08.2012
Prices broke back below the 1.60 figure to expose the 38.2% Fibonacci retracement at 1.5911. A push below that targets rising trend line support at 1.5846 and the 1.5769-88 area. Alternatively, a reversal back above 1.60 aims for a falling trend line now at 1.6118.
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.