GBP/USD Technical Analysis: Sellers Eye Support Sub-1.52

DailyFX

GBP/USD Technical Analysis – Prices declined as expected after putting in a Hanging Man candlestick below support-turned-resistance at the underside of a rising channel set from mid-March. Sellers are testing support at 1.5283, the 76.4% Fibonacci retracement, with a break beneath that aiming for the May 29 low at 1.5008. Near-term resistance is at 1.5291, the 61.8% level. A move back above that targets the 50% Fib at 1.5379.

View photo

.
dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Sellers Eye Support Sub-1.52

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.

View Comments