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GBP/USD Technical Analysis: Downward Reversal Signaled

By , Currency Strategist
30 July 2013 10:49 GMT

GBP/USD Technical AnalysisPrices put in a bearish Evening Star candlestick pattern, hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support is at 1.5212, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1.5075. Near-term resistance is at 1.5433, the July 25 high.

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dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Downward Reversal Signaled

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 July 2013 10:49 GMT