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Forex Analysis: GBP/USD Classic Technical Report 12.24.2012

Forex Analysis: GBP/USD Classic Technical Report 12.24.2012

Ilya Spivak, Head Strategist, APAC

Prices are pulling back from resistance at the 1.6300 figure after putting in a bearish Gravestone Doji candle. Sellers cleared initial support is at 1.6177, a former range top, and now challenge a rising channel top at 1.6541. A break below that exposes the 1.5951-1.60 area. Alternatively, a reversal back above 1.6177 targets the 1.63 mark anew.

Forex_Analysis_GBPUSD_Classic_Technical_Report_12.24.2012_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 12.24.2012

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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