Forex Analysis: GBP/USD Classic Technical Report 01.08.2013
Prices put in a Bullish Engulfing candlestick pattern above support at a rising trend line set from June, hinting a move higher is ahead. Initial resistance is at 1.6130, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 1.6206. Alternatively, a drop below the trend line (now at 1.6015) targets the 38.2% Fib retracement at 1.5911.
Daily Chart - Created Using FXCM Marketscope 2.0
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