Forex: GBP/USD Technical Analysis – Minor Support Broken

Ilya Spivak

Fri, Aug 23, 2013, 4:57 AM

GBP/USD Technical Analysis – Prices broke below support at a rising trend line set from the August 2 low to challenge support at 1.5585, the 14.6% Fibonacci retracement. A break below that targets the 23.6% level at 1.5503. Near-term resistance is at 1.5717, the August 21 swing high.

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dailyclassics_gbp-usd_body_Picture_5.png, Forex: GBP/USD Technical Analysis – Minor Support Broken

Daily Chart - Created Using FXCM Marketscope 2.0

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

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