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GBP/USD Technical Analysis 03.13.2013

GBP/USD Technical Analysis 03.13.2013

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis - Prices put in a Hammer candlestick above support at 1.4859, the 138.2% Fibonacci expansion, warning an upswing may be ahead. Initial resistance is at 1.4965, the 123.6% level, with a break above that broadly exposing the 23.6% retracement at 1.5187. Alternatively, a move below support aims for the 150% expansion at 1.4777. We continue to hold short for now.

Forex_GBPUSD_Technical_Analysis_03.12.2013_body_Picture_5.png, GBP/USD Technical Analysis 03.13.2013

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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