Forex: GBP/USD Technical Analysis – Resistance Met Above 1.60

DailyFX

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points

  • A bearish Dark Cloud Cover candle pattern marked a turn lower, as expected
  • Support is at 1.5918 (23.6% Fib ret.); resistance is at 1.6154 (trend line from Jul’13)
  • Break higher targets 1.6235 (23.6% Fib exp.), below support eyes 1.5707 (38.2% Fib ret.)

Confirm your chart-based trade setups with the Technical Analyzer.

View photo

.
dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Resistance Met Above 1.60

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

New to FX? START HERE

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)