GBP/USD Technical Analysis – Prices are consolidating above support in the 1.5040-91 area marked by the 14.6% Fibonacci expansion and a horizontal pivot level. A break below that aims for the 23.6% Fib at 1.4904. Resistance is in the 1.5260-1.53 region, defined by the March 25 high and a previously broken range bottom dating back to 2010. We continue to hold short for now.
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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