Forex Analysis: GBP/USD Classic Technical Report 11.14.2012

Prices broke below 38.2% Fibonacci retracement at 1.5911 to challenge a rising trend line set from the June 1 low, now at 1.5865. An inverted Hammer candlestick here hints a bounce may be ahead. The 1.5911 has been recast as near-term resistance, with a push back above that exposing the 1.60 figure and a falling trend line barrier at 1.6149. Alternatively, a push below support aims for the 1.5769-88 area.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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