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GBP/USD Technical Analysis: Downturn May Yet Materialize

By , Currency Strategist
26 July 2013 03:20 GMT

GBP/USD Technical AnalysisPrices 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.

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dailyclassics_gbp-usd_body_Picture_12.png, GBP/USD Technical Analysis: Downturn May Yet Materialize

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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26 July 2013 03:20 GMT