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Forex Analysis: GBP/USD Classic Technical Report 01.29.2013

Forex Analysis: GBP/USD Classic Technical Report 01.29.2013

Ilya Spivak, Head Strategist, APAC

Prices are pulling back from support at 1.5697, the 138.2% Fibonacci expansion. Near-term resistance is at 1.5747, the 123.6% Fib, with a break above that aiming for the 1.5822-29 area. Alternatively, a reversal through support aims for the 150% mark at 1.5654.

Forex_Analysis_GBPUSD_Classic_Technical_Report_01.29.2013_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 01.29.2013

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

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