GBP/USD Technical Analysis – Prices put in a bearish Three Inside Down candlestick pattern below resistance at a falling trend line set from mid-December 2012, hinting a move lower is ahead. Near-term support is at 1.5352, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1.5215. Trend line resistance is now at 1.5541. We have entered short.
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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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