GBP/USD Technical Analysis – Prices turned lower as expected after putting in a bearish Evening Star candlestick pattern. Sellers are now testing support at 1.5212, the 23.6% Fibonacci expansion, with a break below that exposing the 38.2% level at 1.5075. Near-term resistance is at 1.5303, the July 3 high, followed by the July 25 top at 1.5433.
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