Forex Analysis: GBP/USD Classic Technical Report 12.03.2012
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 a downward-sloping barrier set from mid-September (1.6048). 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 1.5898) anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE