GBP/USD Technical Analysis - Prices recoiled from resistance at 1.5260, marked by the March 25 high and a falling trend line cluster set from early January, to take out the 14.6% Fibonacci expansion at 1.5112. Sellers now aim to challenge the 23.6% level at 1.5021, with a further break below aiming for the 38.2% Fib at 1.4873. The 1.5112 level has been recast as near-term resistance. We continue to hold short.
Daily Chart - Created Using FXCM Marketscope 2.0
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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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