GBP/USD Technical Analysis 02.01.2013
GBP/USD Technical Analysis - Prices pushed higher as expected after putting in a Bullish Engulfing candlestick pattern, taking out initial resistance is in the 1.5822-31 area marked by the 23.6% Fibonacci retracement and the November 15 low. Buyers now target the 38.2% level at 1.5929, followed by the 1.60 figure. Alternatively, a reversal back blow 1.5822 eyes the January 28 low at 1.5674.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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