GBP/USD Technical Analysis – Prices are showing a bearish Evening Star candlestick pattern below resistance at 1.5392, the 61.8% Fibonacci retracement, hinting a reversal lower may be ahead. Confirmation requires a daily close below initial support at 1.5281, the 50% level, a move that would expose the 38.2% Fib at 1.5171 as the next downside objective. Alternatively, a move above resistance eyes the 76.4% retracement at 1.5529.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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