Forex Analysis: GBP/USD Classic Technical Report 12.11.2012

Prices are retesting support-turned-resistance at a rising trend line set from the November 15 swing low (1.6095) having found support just above the 1.60 figure. A break above that initially exposes 1.6145. Alternatively, a reversal below 1.60 targets 1.5951, followed by a rising trend line set from early June (now at 1.5927).

Daily Chart - Created Using FXCM Marketscope 2.0

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

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