GBPUSD: Rally Meets Resistance at 1.59 Figure
Strategy: Pending Short
Prices put in a Shooting Star candlestick below resistance at 1.5906, the 61.8%Fibonacci retracement, hinting a pullback may be ahead. Near-term support lines up in the 1.5769-84 area, marked by the March 22 low and the 50% Fib. A push back below that aims for the 1.5638-62 region, defined by a horizontal pivot set from mid-February and the 38.2% retracement. Alternatively, a reversal above resistance exposes the 1.60 figure and the 76.4% level at 1.6057. Current positioning doesn’t offer an attractive entry setup and we will stand side for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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