Forex: GBP/USD Technical Analysis – Turning Lower as Expected

DailyFX

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

Talking Points

  • Prices are turning lower as expected after showing a Bearish Engulfing candle setup
  • A close below 1.6475 (23.6% Fib ret.) eyes 1.6356-74 (channel floor, 38.2% Fib exp.)
  • Resistance is at 1.6667 (Dec 24 high), 1.6696 (channel top)

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

View photo

.
dailyclassics_gbp-usd_body_Picture_9.png, Forex: GBP/USD Technical Analysis – Turning Lower as Expected

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)