GBP/USD Technical Analysis – Prices are testing resistance at the top of a rising channel set from mid-March (1.5573), a barrier reinforced by the 50% Fibonacci retracement at 1.5586. A break above the latter level targets the 61.8% Fib at 1.5764.Initial support is at 1.5408, the 38.2% Fib, with a reversal below that targeting the channel bottom at 1.5275.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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