Filed Under:
GBP/USD Technical AnalysisPrices turned lower as expected after putting in a bearish Evening Star candlestick pattern. Sellers are now testing below support at 1.5212, the 23.6% Fibonacci expansion, with a break below that exposing the 38.2% level at 1.5075. Near-term resistance is at 1.5303, the July 3 high, followed by the July 25 top at 1.5433.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Selloff Begins as ExpectedDaily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

original source
comments powered by Disqus
Trading Center