Forex Technical Update
GBP/USD 1H Chart 7/10/2012 7:35AM EDT
The GBP/USD has been paring the losses in July from 1.5726 to 1.5464. Over the 7/10 European session, the pair came up to test the 1.5555 level which was Friday's (7/6) resistance pivot, and the currently projected flag/wedge pattern resistance.
Also note that the RSI is back at 60. A correction up to this point is still within the scope of a bearish market.
A break above 1.56 however makes the bearish outlook unclear. The bullish outlook is limited too, to a declining trendline seen in the 4H chart, probably close to 1.5655 if the market does extend the current rally there.
GBP/USD 4H Chart 7/10/2012 7:37AM EDT
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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