Tanalys

GBP/USD Technical Analysis: Testing Below 1.52 Figure

GBP/USD Technical AnalysisPrices 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.

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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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