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GBP/USD Technical Analysis 02.22.2013

GBP/USD Technical Analysis 02.22.2013

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis - Prices are retesting support-turned-resistance in the 1.5296-1.53 area, marked by the 76.4% Fibonacci expansion and the major horizontal bottom dating back to September 2010, after putting in a Hammer candlestick above the 100% level at 1.5131. A break higher targets the 23.6% Fib retracement at 1.5416. Alternatively, a turn downward through support aims for the 123.6% expansion at 1.4964. We continue to hold short.

Forex_GBPUSD_Technical_Analysis_02.22.2013_body_Picture_5.png, GBP/USD Technical Analysis 02.22.2013

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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