GBP/USD Technical Analysis – Prices confirmed a Shooting Star candlestick below resistance at the top of a rising channel with a bearish close on the following day’s bar, hinting a reversal may be underway. Near-term support is at 1.5385, the 14.6% Fibonacci retracement, with a break below that targeting the channel bottom at 1.5298. Channel resistance is now at 1.5603. We have entered short.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE