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GBP/USD Technical Analysis 02.20.2013

GBP/USD Technical Analysis 02.20.2013

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis - Prices are testing below support at 1.5403, the 61.8% Fibonacci expansion, to challenge the 1.5296-1.53 area marked by the 76.4% level and the major horizontal bottom dating back to September 2010. A break below that aims for the 100% Fib at 1.5131. We continue to hold short.

Forex_GBPUSD_Technical_Analysis_02.20.2013_body_Picture_5.png, GBP/USD Technical Analysis 02.20.2013

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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