GBP/USD Technical Analysis 05.21.2013

DailyFX

GBP/USD Technical AnalysisPrices declined as expected after putting in a Shooting Star candlestick below resistance at the top of a rising channel set from mid-March. A correction higher may now be ahead as after the pair completed a bullish Piercing Line pattern. Near-term resistance is at 1.5263, the 23.6% Fibonacci retracement, with a break above that targeting the 38.2% level at 1.5328. We continue to hold short, looking for the bounce to yield an opportunity to add to the position. Near-term support is at 1.5157, the May 17 low.

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Forex_GBPUSD_Technical_Analysis_05.21.2013_body_Picture_5.png, GBP/USD Technical Analysis 05.21.2013

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

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