GBP/USD Technical Analysis 03.19.2013
GBP/USD Technical Analysis - Prices put in a Shooting Star candlestick below resistance at 1.5187, the 23.6% Fibonacci retracement, warning a turn lower may be ahead. Initial support is at 1.5051, the 14.6% level, with a break beneath that aiming for the March 12 low at 1.4830. Alternatively, a push above resistance targets a recently broken multi-year range bottom at 1.5296. We continue to hold short for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.