GBP/USD Technical Analysis – Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above resistance at 1.5377, the 61.8% Fibonacci retracement, has exposed the 76.4% level at 1.5465. A further push above that aims for rising channel support-turned-resistance at 1.5569. The 1.5377 mark has been recast as near-term support, with a move beneath that eyeing the 50% retracement at 1.5307.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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