GBP/USD Technical Analysis - Prices broke multi-year rising trend line support set from mid-January 2009, hinting a major bearish reversal is in progress. Near-term support is at 1.5521, the 76.4% Fibonacci retracement. The trend line (now at 1.5686) has been recast as resistance and is reinforced by the 61.8% Fib at 1.5678. A reversal above the former level initially exposes the 50% level at 1.5804. We have now entered short.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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