To receive Ilya’s analysis directly via email, please SIGN UP HERE
GBP/USD Technical Analysis – Prices broke below support at a rising trend line set from the August 2 low to retest a downward-sloping barrier set from mid-December 2012 formerly acting as resistance and recently recast as support (1.5533). This is reinforced by the 23.6% Fibonacci retracement at 1.5503, with a break below the latter level targeting the 38.2% mark at 1.5371. Near-term resistance is at 1.5720.
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
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed