Tanalys

GBP/USD Technical Analysis: Down Trend Boundary Tested

GBP/USD Technical AnalysisPrices are testing resistance at a falling trend line set from the June 17 swing high (now at 1.5344), with a break above that initially targeting the July 25 top at 1.5433. Alternatively, a reversal below the 1.5287-1.5303 area marked by the 23.6% Fibonacci expansion and the July 3 high exposes the 38.2% level at 1.5196.

Confirm your chart-based trade setups with the Technical Analyzer.

Daily Chart – Created Using FXCM Marketscope 2.0

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

Exit mobile version