Prices are testing below support at 1.5822, the November 15 low. A break downward targets support in the 1.5736-46 area, marked by a former resistance barrier and the 123.6% Fibonacci expansion. A push below that aims for the 138.2% level at 1.5695. Near-term resistance is at 1.5912, the 76.4% expansion, with a reversal above that targeting the 61.8% Fib at 1.5963.

Forex_Analysis_GBPUSD_Classic_Technical_Report_01.24.2013_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 01.24.2013

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