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GBP/USD Technical Analysis 02.05.2013

GBP/USD Technical Analysis 02.05.2013

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis - Prices are consolidating above support at 1.5670, the 138.2% Fibonacci expansion. Near-term resistance is in the 1.5822-55 area, marked by the November 15 low and the 100% level, with a break higher aiming for the 1.60 figure. Alternatively, a drop below 1.5670 aims for the 150% Fib at 1.5612.

Forex_GBPUSD_Technical_Analysis_02.05.2013_body_Picture_1.png, GBP/USD Technical Analysis 02.05.2013

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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