GBP/USD : Stronger volatility
--- Follow up analysis ---
The pair GBP/USD continues its bearish movement and got out from the bottom of its triangle in h1, getting back also its medium term bearish channel (purple lines). The price is currently testing the support at 1.59. We expect a pursuit of the movement during the next days.
We continue to advise short positions as far as 1.60 is resistance. The breakout of 1.59 will give a new sell signal and the price should then reach the next support at 1.58 and the lower band of the channel in extension.
In case of return above 1.60, we will be neutral between this level and 1.6050.
Analysis published by Bruno, the 11/12/2012 at 09h10 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