GBP/USD Technical Analysis – Prices are testing below support at the bottom of a rising channel (1.5202), with a break downward on a daily closing basis exposing the 23.6% Fibonacci expansion at 1.5054. Near-term resistance is at 1.5408, the 38.2% Fib retracement. A push above that targets 1.5586, the intersection of the channel top and the 50% retracement.
Daily Chart - Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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.