Forex Analysis: GBP/USD Classic Technical Report 01.04.2013

Prices turned lower from resistance at the 1.63 figure after putting in a Shooting Star candlestick coupled with negative RSI divergence Sellers have now cleared initial resistance-turned-support is at 1.6177 and aim to clear the next barrier at 1.6099. The 1.5951-1.60 area lines up as the next key support below that. A push beneath this region initially eyes the November 15 low at 1.5822. The 1.6177 level has been recast as resistance once again.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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