U.S. Markets closed

GBP/USD Technical Analysis 02.25.2013

Ilya Spivak

GBP/USD Technical Analysis - Prices gapped below support at 1.5132, the 100% Fibonacci expansion. Continued selling from here targets the 1.50 level and the 123.6% expansion at 1.4964. Alternatively, a move back above 1.5132 aims for the 1.5296-1.53 area, marked by the 76.4% Fib and the major horizontal bottom dating back to September 2010. We continue to hold short.

Forex_GBPUSD_Technical_Analysis_02.25.2013_body_Picture_5.png, GBP/USD Technical Analysis 02.25.2013

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.