GBP/USD Technical Analysis - Prices broke support at 1.4963, the 123.6% Fibonacci expansion, exposing the 138.2% level at 1.4860. A further push below that aims for the 150% Fib at 1.4777. The 1.4963 mark has been recast as resistance, with a move back above that eyeing the 14.6% Fib retracement at 1.5165. We continue to hold short.

Forex_GBPUSD_Technical_Analysis_03.12.2013_body_Picture_5.png, GBP/USD Technical Analysis 03.12.2013

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

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