Forex: GBP/USD Technical Analysis – Stuck in Consolidation Mode

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Talking Points

  • Prices moved lower as expected after putting in a Bearish Engulfing candle pattern
  • Breaking below support at 1.6341 (14.6% Fib ret.) exposes 1.6180 (23.6% Fib ret.)
  • Above 1.6546 (trend line support-turned-resistance) targets 1.6562 (Jan 2 high)

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dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Stuck in Consolidation Mode

Daily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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