GBP/USD Technical Analysis 05.10.2013

Ilya Spivak
May 10, 2013

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. Near-term support is at 1.5385, the 14.6% Fibonacci retracement, with a break below that targeting the channel bottom at 1.5342. Channel resistance is now at 1.5650. We continue to hold short.

Forex_GBPUSD_Technical_Analysis_05.10.2013_body_Picture_5.png, GBP/USD Technical Analysis 05.10.2013
Forex_GBPUSD_Technical_Analysis_05.10.2013_body_Picture_5.png, GBP/USD Technical Analysis 05.10.2013

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

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