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GBP/USD Classical Technical Report 10.24

Written by article default Monday, 24 October 2011 09:57

Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 10.24

GBP/USD: The market has been well bid since breaking the neckline of a double bottom at 1.5715, with rallies extending into the 1.6000 area thus far. The measured move objective for the pattern projects additional gains into the 1.6100’s, but any additional strength beyond this area is likely to be well capped by the 200-Day SMA in favor of a resumption of a broader underlying downtrend. As such, our strategy for now is to look for opportunities to fade additional strength above 1.6100 and towards the 200-Day SMA. Back under 1.5750 will be required to more officially alleviate immediate topside pressures.

--- Written by Joel Kruger, Technical Currency Strategist

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24 October 2011 06:21 GMT