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GBP/USD Technical Analysis: Bounce Hinted at Support

Ilya Spivak

GBP/USD Technical Analysis – Prices pulled back as expected after putting in a Hanging Man candlestick below support-turned-resistance at the underside of a rising channel set from mid-March. A Hammer candle above support at 1.5467, the 38.2% Fibonacci retracement, now hints a bounce may be ahead. Near-term resistance is at 1.5606, with a break above that aiming for the June 17 high at 1.5750. Alternatively, a move beneath support eyes the 50% level at 1.5379.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Bounce Hinted at Support

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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