GBP/USD Technical Analysis - Prices are testing support at 1.4965, the 123.6% Fibonacci expansion. Positive RSI divergence hints a correction higher may be ahead. Initial resistance is at 1.5182, the 14.6% Fib retracement, with a break above that targeting the 1.5296-1.5305 area marked by the 23.6% retracement and a recently broken multi-year range bottom. Alternatively, a move through support exposes the 138.2% expansion at 1.4861. We continue to hold short.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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