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Forex Analysis: GBP/USD Classic Technical Report 12.20.2012

Forex Analysis: GBP/USD Classic Technical Report 12.20.2012

Ilya Spivak, Head Strategist, APAC

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).

Forex_Analysis_GBPUSD_Classic_Technical_Report_12.20.2012_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 12.20.2012

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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