GBP/USD Technical Analysis – Prices declined as expected after putting in a Shooting Star candlestick below resistance at the top of a rising channel set from mid-March. Sellers are now pushing to support at 1.5029, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.4850. We continue to hold short, Near-term resistance is at 1.5322, the May 16 high, followed by the channel bottom at 1.5440.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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