GBP/USD Technical Analysis – Prices are recoiling from resistance marked by a falling trend line cluster set from early January. Near-term support is at 1.5021, the 23.6% Fibonacci expansion. A break below that targets the 38.2% level at 1.4873. The outer layer of trend line resistance is now at 1.5195, with a push above that exposing the 1.5300 figure. We continue to hold short.
Daily Chart – Created Using FXCM Marketscope 2.0
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— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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