GBP/USD Technical Analysis – Prices are testing below support at the bottom of a rising channel (1.5202), with a break downward on a daily closing basis exposing the 23.6% Fibonacci expansion at 1.5054. Near-term resistance is at 1.5408, the 38.2% Fib retracement. A push above that targets 1.5586, the intersection of the channel top and the 50% retracement.
Daily Chart – Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
— 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