Prices are testing rising trend line support set from June (now at 1.6019). A break lower targets swing lows at 1.5913 and 1.5822. Near-term resistance is at 1.6064, the 50% Fibonacci retracement. A reversal above that aims for the 38.2% level at 1.6121.

Forex_Analysis_GBPUSD_Classic_Technical_Report_01.10.2013_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 01.10.2013

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed