GBP/USD Technical Analysis - Prices bounced from the 1.50 figure to test the 14.6% Fibonacci retracement at 1.5182. A break above that exposes the 1.5296-1.5305 area, marked by a recently broken multi-year range bottom and the 23.6% level. Near-term support is at 1.4984, the March 1 low. We continue to hold short.

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