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Forex Analysis: GBP/USD Classic Technical Report 11.21.2012

Forex Analysis: GBP/USD Classic Technical Report 11.21.2012

Ilya Spivak, Head Strategist, APAC

Prices are bouncing from support marked by the intersection of a rising trend line set from the June 1 low and a falling channel established from late September after completing a bullish Piercing Line candlestick pattern. Near-term term resistance lines up in the 1.5951-1.6003 area, with a break above that targeting the channel top at 1.6056.

Forex_Analysis_GBPUSD_Classic_Technical_Report_11.21.2012_body_Picture_5.png, Forex Analysis: GBP/USD Classic Technical Report 11.21.2012

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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