GBP/USD Technical Analysis 04.01.2013

Ilya Spivak

GBP/USD Technical Analysis - Prices formed a bearish Dark Cloud Cover candlestick on a retest of resistance at a falling trend line set from early January, hinting at renewed weakness ahead. Near-term support is at 1.5121, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1.4873. Trend line resistance is now at 1.5177. A push above that targets the 1.53 figure. We continue to hold short for now.


Forex_GBPUSD_Technical_Analysis_04.01.2013_body_Picture_5.png, GBP/USD Technical Analysis 04.01.2013
Forex_GBPUSD_Technical_Analysis_04.01.2013_body_Picture_5.png, GBP/USD Technical Analysis 04.01.2013

Daily Chart - Created Using FXCM Marketscope 2.0



Want to back-test your technical trading strategy? Download the historical data here.




--- 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.