Strategy: Flat
GBPUSD is testing resistance at 1.5722, marked by the top of an emerging Triangle chart pattern and the range top in place since mid-June. Resistance is further reinforced by the 50% Fibonacci retracement at 1.5784. Broadly speaking, the Triangle hints at bearish continuation but well will hold off on entering short until confirmation of a reversal emerges. Near-term support lines up at 1.5484.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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