U.S. Markets closed

GBP/USD Technical Analysis: Support Seen Below 1.51

Ilya Spivak

GBP/USD Technical AnalysisPrices turned lower as expected after putting in a bearish Evening Star candlestick pattern. Sellers are now aiming to test support at 1.5075, the 38.2% Fibonacci expansion, with a break below that exposing the 50% level at 1.4964. Near-term resistance is at 1.5212, the 23.6% expansion, followed by the July 3 high at 1.5303.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Support Seen Below 1.51

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.