GBP/USD Technical Analysis - Prices put in a Hammer candlestick above support at 1.4859, the 138.2% Fibonacci expansion, warning an upswing may be ahead. Initial resistance is at 1.4965, the 123.6% level, with a break above that broadly exposing the 23.6% retracement at 1.5187. Alternatively, a move below support aims for the 150% expansion at 1.4777. We continue to hold short for now.
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
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.