GBP/USD Technical Analysis: Signs of Downward Reversal Emerge

DailyFX

GBP/USD Technical AnalysisPrices put in a bearish Dark Cloud Cover candlestick pattern below falling trend line resistance set from mid-December 2012, hinting a move lower is ahead. A break below initial support at 1.5485, the 61.8% Fibonacci expansion, exposes the 23.6% retracement level at 1.5394. Trend line resistance is reinforced by the 76.4% expansion at 1.5576, with a break above that eyeing the 100% mark at 1.5722.

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dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Signs of Downward Reversal Emerge

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

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