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Forex: GBP/USD Technical Analysis – Channel Support Broken

Ilya Spivak

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Talking Points

  • Prices fell after showing a Shooting Star candle, snapping rising channel support
  • Sellers now aim to challenge 1.6213 (Flag resistance-turned-support from Oct)
  • Back above the channel (1.6375) eyes the 38.2% Fib expansion at 1.6406

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Channel Support Broken

Daily Chart - Created Using FXCM Marketscope 2.0

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

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