GBP/USD Technical Analysis 02.22.2013
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.
Daily Chart - Created Using FXCM Marketscope 2.0
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