GBP/USD Technical Analysis: Direction Sought Above 1.50

Ilya Spivak
July 16, 2013

GBP/USD Technical Analysis – Prices pulled back from resistance at 1.5171 marked the 38.2% Fibonacci retracement and reinforced by a formerly broken rising trend line. Near-term support is at 1.5034, the 23.6% level, with a break below that eyeing the 14.6% Fib at 1.4949. Alternatively, a reversal above resistance targets the 50% retracement at 1.5281.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Direction Sought Above 1.50
dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Direction Sought Above 1.50

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.