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GBP/USD Technical Analysis – Prices pulled back as expected after putting in a Hanging Man candlestick below support-turned-resistance at the underside of a rising channel set from mid-March. Sellers are now testing below support at 1.5467, the 38.2% Fibonacci retracement, with a break downward exposing the 50% level at 1.5379. Near-term resistance is at 1.5606, the May 1 high.

dailyclassics_gbp-usd_body_Picture_4.png, GBP/USD Technical Analysis: Selling Pressure MountsDaily Chart - Created Using FXCM Marketscope 2.0

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

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