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GBP/USD Takes Aim at Channel Resistance

GBP/USD Takes Aim at Channel Resistance

2013-04-26 12:24:00
Ilya Spivak, Head Strategist, APAC
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GBP/USD Technical Strategy: Flat

Prices broke above resistance at 1.5408, the 38.2% Fibonacci retracement, exposing a rising channel top at 1.5527 and the 50% level at 1.5586. The 1.5408 mark has been recast as support, with a reversal back below that eyeing the channel bottom at 1.5228 and the 23.6% retracement at 1.5216.Current positioning doesn’t offer an actionable trade setup and we will stand aside for now.

Forex_Analysis_GBPUSD_Takes_Aim_at_Channel_Resistance_body_Picture_5.png, GBP/USD Takes Aim at Channel Resistance

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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