GBPUSD Classic Technical Report 10.05.2012

DailyFX

Prices put in a Bullish Engulfing candlestick pattern above support at 1.6057, the 76.4% Fibonacci retracement, hinting a move higher is ahead. Resistance is found in the 1.6259-1.6300 area, marked by the late April swing top, with a push above that targeting 1.65 figure and the 123.6% extension at 1.6544. Alternatively, a drop through support exposes the 1.60 figure and the 61.8% level at 1.5906.

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GBPUSD_Classic_Technical_Report_10.05.2012_body_Picture_5.png, GBPUSD Classic Technical Report 10.05.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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