Forex Analysis: GBP/USD Classic Technical Report 01.29.2013

Prices are pulling back from support at 1.5697, the 138.2% Fibonacci expansion. Near-term resistance is at 1.5747, the 123.6% Fib, with a break above that aiming for the 1.5822-29 area. Alternatively, a reversal through support aims for the 150% mark at 1.5654.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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