GBP/USD Technical Analysis – Prices failed to show immediate downside follow-through aftercompleting a bearish Evening Star candlestick pattern identified yesterday, but the setup remains technically valid absent a close above the pattern’s high (1.5391). A move above this and the 61.8% Fibonacci retracement (1.5392) targets the 76.4% level at 1.5529. Near-term support is at 1.5281, the 50% Fib.
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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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