GBP/USD Technical Analysis – Prices put in a Bullish Engulfing candlestick pattern above support at a rising trend line set from mid-March, hinting a move higher is ahead. Near-term resistance is at 1.5304, the 23.6% Fibonacci expansion. A break above that targets the 38.2% level at 1.5412. Trend line support is now at 1.5132.
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