GBP/USD Technical Analysis – Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above resistance at 1.5307, the 50% Fibonacci retracement, has exposed the 61.8% level at 1.5377. A further push above that aims for the 76.4% Fib at 1.5465. The 1.5307 mark has been recast as near-term support, with a move beneath that eyeing the 38.2% retracement at 1.5236.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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