Forex Analysis: GBP/USD Classic Technical Report 12.06.2012

Prices overcame downward-sloping resistance set from mid-September, exposing the next upside barrier at 1.6145. A push above that aims for the September 21 high at 1.6309. Alternatively, a reversal back through the trend line (1.6035) exposes the 1.5951-1.6003 region, followed by major upward-sloping support established from the June 1 low, now at 1.5914.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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