Forex Analysis: GBP/USD Classic Technical Report 12.20.2012
Prices put in a bearish Gravestone Doji candlestick below resistance at the top of a rising channel set from mid-November (1.6280), a barrier reinforced by the September 21 high at 1.6309. A break above the latter barrier exposes the 114.6% Fibonacci extension a 1.6380. Range top resistance-turned-support is at 1.6177, with a drop back below that aiming for the channel bottom (1.6145).
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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