Forex Analysis: GBP/USD Classic Technical Report 12.04.2012
Prices bounced from support at a rising trend line set from the June 1 low after completing a bullish Piercing Line candlestick pattern. The bulls have now overcome downward-sloping resistance set from mid-September, exposing the next upside barrier at 1.6145. Alternatively, a reversal back through the trend line (1.6044) exposes the 1.5951-1.6003 region, followed by the trend line at 1.5904.
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.