GBP/USD Technical Analysis 03.15.2013

DailyFX

GBP/USD Technical Analysis - Prices recovered as expected after putting a Hammer candlestick. Initial resistance lines up at 1.5187, the 23.6% Fibonacci retracement, with a break above that clearing the way for a retest of a broken multi-year range bottom at 1.5296. Near-term support is at 1.4830, the March 12 low. We continue to hold short for now.

View photo

.
Forex_GBPUSD_Technical_Analysis_03.15.2013_body_Picture_5.png, GBP/USD Technical Analysis 03.15.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. 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