GBP/USD Technical Analysis – Prices failed to show immediate downside follow-through aftercompleting a bearish Evening Star candlestick pattern identified yesterday, but the setup remains technically valid absent a close above the pattern’s high (1.5391). A move above this and the 61.8% Fibonacci retracement (1.5392) targets the 76.4% level at 1.5529. Near-term support is at 1.5281, the 50% Fib.
Confirm your chart-based trade setups with the Technical Analyzer.
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.