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GBP/USD Technical Analysis 03.20.2013

GBP/USD Technical Analysis 03.20.2013

Ilya Spivak, Head Strategist, APAC

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.

Forex_GBPUSD_Technical_Analysis_03.20.2013_body_Picture_5.png, GBP/USD Technical Analysis 03.20.2013

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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