Forex Analysis: GBP/USD Classic Technical Report 01.07.2013

DailyFX

Prices turned lower after putting in a Shooting Star candlestick resistance at the 1.63 figure. Sellers are now testing support at 1.6021, the 61.8% Fibonacci retracement. This barrier is reinforced by a rising trend line set from June. A break below that aims for the 76.4% Fib at 1.5945. Near-term resistance is marked by the 50% retracement at 1.6082.

View photo

.
Forex_Analysis_GBPUSD_Classic_Technical_Report_01.07.2013_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 01.07.2013

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)