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GBP/USD Technical Analysis 05.30.2013

By , Currency Strategist
30 May 2013 11:49 GMT

GBP/USD Technical Analysis – Prices completed a Bullish Engulfing candlestick pattern and cleared resistance at the top of a falling channel set from early May, hinting a turn higher may be ahead. Positive RSI divergence reinforces the case for an upside scenario. Near-term resistance is at 1.5149, the 23.6% Fibonacci retracement. We have booked profits on our short position.

Forex_GBPUSD_Technical_Analysis_05.30.2013_body_Picture_5.png, GBP/USD Technical Analysis 05.30.2013

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

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30 May 2013 11:49 GMT