GBP/USD Technical Analysis – Prices are recovering from support at the bottom of a rising channel, eyeing initial resistance at the 38.2% Fibonacci retracement (1.5408). A break above that targets the channel top at 1.5491. Alternatively, a drop below the channel bottom (now at 1.5226) targets the 23.6% Fib expansion at 1.5054.
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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