GBP/USD Technical Analysis 04.03.2013
GBP/USD Technical Analysis - Prices recoiled from resistance at 1.5260, marked by the March 25 high and a falling trend line cluster set from early January, to take out the 14.6% Fibonacci expansion at 1.5112. Sellers now aim to challenge the 23.6% level at 1.5021, with a further break below aiming for the 38.2% Fib at 1.4873. The 1.5112 level has been recast as near-term resistance. We continue to hold short.
Daily Chart - Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE