Forex Analysis: GBPUSD Classic Technical Report 11.08.2012
Prices broke back below the 1.60 figure to expose the 38.2% Fibonacci retracement at 1.5911. A push below that targets rising trend line support at 1.5846 and the 1.5769-88 area. Alternatively, a reversal back above 1.60 aims for a falling trend line now at 1.6118.
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
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
