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  • #Gold recently crossed 2000 for the first time ever, having only one down day since July 16. While the run is looking quite extended, shorting doesn’t hold a lot of appeal given the risks. Get your $XAUUSD market update from @nickcawley1 here: https://t.co/mdIIOoaVlt https://t.co/zbAUMJs2to
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Forex Analysis: GBP/USD Classic Technical Report 01.07.2013

Forex Analysis: GBP/USD Classic Technical Report 01.07.2013

2013-01-07 12:15:00
Ilya Spivak, Head Strategist, APAC
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Prices turned lower after putting in a Shooting Star candlestick resistance at the 1.63 figure. Sellers are now testing support at 1.6021, the 61.8% Fibonacci retracement. This barrier is reinforced by a rising trend line set from June. A break below that aims for the 76.4% Fib at 1.5945. Near-term resistance is marked by the 50% retracement at 1.6082.

Forex_Analysis_GBPUSD_Classic_Technical_Report_01.07.2013_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 01.07.2013

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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