GBP/USD : Exit of its medium term bullish channel
--- Follow up analysis ---
The pair GBP/USD has continued its bearish movement and is currently testing the support at 1.60. The price is now moving below the lower band of its medium term bearish channel (purple lines) who act as resistance.
We continue to advise short positions as far as 1.61 is resistance. The validation of the breakout of the support at 1.60 should allow the price to pursuit its movement towards the support at 1.59 (major support).
In case of return above 1.61, we will be neutral between this level and 1.6150 (level of the upper band of the channel).
Analysis published by Bruno, the 10/10/2012 at 09h00 GMT+2
Chart of the pair GBP/USD - Timeframe 4H
Chart of the pair GBP/USD - Timeframe 1H
|GBP/USD Live Chart - Timeframe : 4h|
For more reports, go to Forextribe