GBP/USD Technical Analysis - Prices are recoiling from resistance marked by a falling trend line cluster set from early January. Near-term support is at 1.5021, the 23.6% Fibonacci expansion. A break below that targets the 38.2% level at 1.4873. The outer layer of trend line resistance is now at 1.5195, with a push above that exposing the 1.5300 figure. We continue to hold short.
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 firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE