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Forex Analysis: GBP/USD Classic Technical Report 11.29.2012

Forex Analysis: GBP/USD Classic Technical Report 11.29.2012

2012-11-29 10:34:00
Ilya Spivak, Sr. Currency Strategist
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Prices bounced from support at a rising trend line set from the June 1 low after completing a bullish Piercing Line candlestick pattern and now challenge the top of a rising channel set from late September (1.6020). A break above that initially exposes 1.6145. Alternatively, a move lower through minor supports at 1.6003 and 1.5951 aims to test the trend line (now at 1.5887) anew.

Forex_Analysis_GBPUSD_Classic_Technical_Report_11.29.2012_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 11.29.2012

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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