GBP/USD Technical Analysis 02.19.2013


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.

View photo

Forex_GBPUSD_Technical_Analysis_02.19.2013_body_Picture_5.png, GBP/USD Technical Analysis 02.19.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. 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)