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GBP/USD Tests Key Trend Line

GBP/USD Tests Key Trend Line

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Strategy: Flat

Prices are testing resistance at 1.5576, the 76.4% Fibonacci expansion, a barrier reinforced by a falling trend line set from mid-December 2012 (now at 1.5550). A break above this targets the 100% level at 1.5722. Near-term support is at 1.5485, the 61.8% Fib, with a reversal beneath that eyeing the 50% expansion at 1.5412. We will wait to see how the pair resolves itself at the trend line and look to establish a trade on that basis.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_GBPUSD_Tests_Key_Trend_Line_body_Picture_5.png, GBP/USD Tests Key Trend Line

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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