GBP/USD Technical Analysis – Prices 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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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