Technical Analysis: GBP/USD 2012.05.02

May 02, 2012 11:26

The pair is in a corrective mode, and in a short-term could continue declines towards the 1.6165 resistance-turned-support or the 1.6080 support, from where we look for a bullish resumption towards 1.6300, with a break above to confirm the upside rally ahead of the 1.6750 high. However, a break below the 1.6080 support would extend declines towards the 50-Day SMA by 1.5920 or the 200-Day SMA by 1.5840.

Edward Smith, technical analyst of company Admiral Markets.

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