GBP/USD Technical Analysis - Prices are testing through a critical support cluster marked by two alternative rising trend linesset from mid-January 2009, based against the May 20 2010 low and the other against the June 1 2012 low. The first key downside barrier is at 1.5571, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.5488. Near-term resistance is at 1.5733. We remain short for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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