GBP/USD Technical Analysis – Prices declined as expected after putting in a Shooting Star candlestick below resistance at the top of a rising channel set from mid-March. Near-term support is at 1.5385, the 14.6% Fibonacci retracement, with a break below that targeting the channel bottom at 1.5342. Channel resistance is now at 1.5650. We continue to hold short.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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