GBP/USD Technical Analysis 03.15.2013
GBP/USD Technical Analysis - Prices recovered as expected after putting a Hammer candlestick. Initial resistance lines up at 1.5187, the 23.6% Fibonacci retracement, with a break above that clearing the way for a retest of a broken multi-year range bottom at 1.5296. Near-term support is at 1.4830, the March 12 low. We continue to hold short for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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