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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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