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Forex: GBP/USD Technical Analysis – Support Met Above 1.59

By , Currency Strategist
10 October 2013 11:52 GMT

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Talking Points

  • A break of support at a rising trend line set from July has exposed 1.5918 (23.6% Fib)
  • Pushing downward through initially support targets 1.5707 (38.2% Fib)
  • Trend line support-turned-resistance is now at 1.6038; we are holding short

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dailyclassics_gbp-usd_body_gbpusd.png, Forex: GBP/USD Technical Analysis – Support Met Above 1.59

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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10 October 2013 11:52 GMT