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
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