Forex Analysis: GBP/USD Classic Technical Report 12.10.2012

Prices are retesting downward-sloping trend line resistance-turned-support set from mid-September, a barrier reinforced by minor barriers at 1.6003 and 1.5951. A push below the latter level aims for a major rising trend line established from the June 1 low, now at 1.5920. Near-term resistance is at 1.6145. A push above that aims for the September 21 high at 1.6309.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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