Forex: GBP/USD Technical Analysis – Pound Loses Grip on 1.60

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Talking Points

  • A bearish Dark Cloud Cover candle pattern marked a turn lower, as expected
  • Breaking support at 1.5918 (23.6% Fib) exposes 1.5707 (38.2% Fib)
  • Reversing above trend line resistance (1.6129) aims for 1.6235 (23.6% Fib expansion)

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dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Pound Loses Grip on 1.60

Daily Chart - Created Using FXCM Marketscope 2.0

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

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