Filed Under:
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. A break below support at 1.5380, the 50% Fibonacci retracement, has exposed the 61.8% level at 1.5291. A further push beneath that aims for the 76.4 Fib at 1.5183. The 1.5380 mark has been recast as near-term resistance, with a move back above that targeting the 38.2% retracement at 1.5467.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Support Seen Sub-1.53Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. 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

comments powered by Disqus
Trading Center