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.

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