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GBP/USD: Failed At The 1.6202 Level – Outlook Still Negative

GBP/USD: Failed At The 1.6202 Level – Outlook Still Negative

GBP/USD Technicals” title=”GBP/USD Technicals” height=”317″ width=”911″ />GBP/USD headed lower as predicted but broke 1.6170/6165 to retest Monday’s low at 1.6119/12. We saw a bounce from here but have failed at the 1.6202 level. The double top pattern is still intact keeping the outlook negative and if we hold below 1.6202 we should revisit 1.6170/6165. Failure here then leads to a retest of this week’s low of 1.6119/12. There is a risk of a break lower before the end of the week and this could quite quickly target 1.6073 then 1.6030. Even a move towards 1.5969 is not out of the question.Above 1.6202 however meets resistance at 1.6220/25. If this does not hold the topside look for a retest of October highs at 1.6260. Only a break higher kills the negative pattern and keeps the market buoyant for a move towards 1.6305/6310. We should struggle here, but be aware if we continue higher we should target 2012 highs at 1.6382.

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