GBP/USD Technical Analysis – Prices are testing above falling trend line set from mid-December 2012, now at 1.5562, to challenge the 38.2% Fibonacci expansion at 1.5602. A break above that targets the 50% level at 1.5657. Near-term support is at 1.5433, the July 25 high, with a turn back beneath that eyeing the 23.6% level of an alternative Fib expansion at 1.5352. We continue hold short for now.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily 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