Forex Analysis: GBP/USD Classic Technical Report 12.19.2012
Prices broke above range top resistance at 1.6177 and are now testing above rising channel resistance at 1.6270 to challenge the September 21 high at 1.6309. A break above that targets the 114.6% Fibonacci expansion at 1.6380. The 1.6177 level has been recast as near-term support, with a drop below that eyeing the channel bottom at 1.6133.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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