GBP/USD Technical Analysis – Prices put in a Shooting Star candlestick below resistance at the top of a rising channel set from mid-March (1.5552), a barrier reinforced by the 50% Fibonacci retracement at 1.5586, hinting a move lower is ahead. Initial support is at 1.5408, the 38.2% level, with a break below that targeting the channel bottom at 1.5249. Alternatively, a push above 1.5586 exposes the 61.8% Fib at 1.5764.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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