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Forex: GBP/USD Technical Analysis 01.31.2013

Forex: GBP/USD Technical Analysis 01.31.2013

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis - Prices put in a Bullish Engulfing candlestick pattern, hinting a move higher is ahead. Initial resistance is in the 1.5822-31 area, marked by the 23.6% Fibonacci retracement and the November 15 low. A break above that targets the 38.2% level at 1.5929. Near-term support is at 1.5674, the January 28 low.

Forex_GBPUSD_Technical_Analysis_01.31.2013_body_Picture_1.png, Forex: GBP/USD Technical Analysis 01.31.2013

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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