GBP/USD Technical Analysis: Hints of Downturn Mount

DailyFX

GBP/USD Technical Analysis – Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above resistance at 1.5600, the 76.4% Fibonacci expansion, has exposed the underside of a rising channel set from mid-March, now at 1.5758c. A push higher beyond that aims for the 100% level at 1.5783. The 1.5600 figure has been recast as near-term support, with a move back beneath that targeting the 61.8% Fib at 1.5487. A Hanging Man candlestick at resistance and early signs of negative RSI divergence warn of a possible turn lower ahead.

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dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Hints of Downturn Mount

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

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