by Tue, 19 Apr 2011 09:39:00 +0200
Forex: GBP/USD: Double top to be confirmed - FXstreet.com
FXstreet.com (Barcelona) - Pound retreat from 1.6375/85 resistance area last week reached 2-week lows at 1.6165, although the pair managed to regain prices above 1.6225, key support level to avoid a "double top" pattern, according to Alberto Muñoz C, technical analyst at FXstreet.com.
Confirmation below 1.6210/25 would trigger a bearish formation says Muñoz: "Daily Double Top pattern is just about to be confirmed. GBPUSD traded even below the key 1.6210 - 1.6225 support area but managed to recover by the end of the session. A close below that area would be very bearish."
| Technical Analysis (2011-04-19 07:15 GMT) | |
|---|---|
GBP/USD 1.62515/1.62553 - O: 1.6269 H: 1.6281 L: 1.6266 C: 1.6272 | |
| Trend | R3: 1.6344 |
 | R2: 1.6304 |
| R1: 1.6263 | |
| S1: 1.6173 | |
| S2: 1.6213 | |
| S3: 1.6254 | |
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