GBP/USD Technical Analysis – Prices broke above resistance at 1.5408, the 38.2% Fibonacci retracement, exposing a rising channel top at 1.5540 and the 50% level at 1.5586. A push above the latter boundary targets the 61.8% Fib at 1.5764. The 1.5408 mark has been recast as support, with a reversal back below that eyeing the channel bottom at 1.5237 and the 23.6% retracement at 1.5216.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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