Forex: GBP/USD Technical Analysis – Bulls Poised to Test 1.5878

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Talking Points

  • Resistance in the 1.5750-71 area (June 17 high, 38.2% Fib expansion) broken
  • Buyers now targeting 1.5878 (50% Fib), with a push higher eyeing 1.5985 (61.8% Fib)
  • Reversal back below 1.5750 targets a rising channel bottom set now at 1.5617

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dailyclassics_gbp-usd_body_Picture_5.png, Forex: GBP/USD Technical Analysis – Bulls Poised to Test 1.5878

Daily Chart - Created Using FXCM Marketscope 2.0

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

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