GBP/USD Technical Analysis - Prices broke below a critical support cluster marked by two alternative rising trend linesset from mid-January 2009 (one based against the May 20 2010 low and the other against the June 1 2012 one) and took out the 38.2% Fibonacci expansion (1.5571). Sellers have now cleared the 50% level at 1.5488, exposing the 61.8% Fib at 1.5403. The 1.5488 level has been recast as resistance. We continue to hold short.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
- Investment & Company Information