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GBP/USD Technical Analysis 04.18.2013

GBP/USD Technical Analysis 04.18.2013

2013-04-18 06:37:00
Ilya Spivak, Head Strategist, APAC
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GBP/USD Technical AnalysisPrices edged lower after putting in a bearish Dark Cloud Cover candlestick pattern below resistance at 1.5408, the 38.2% Fibonacci retracement, with sellers now testing support at the bottom of a Rising Wedge chart formation (1.5247). A break below that initially aims for the 23.6% Fib expansion at 1.5054.

Forex_GBPUSD_Technical_Analysis_04.18.2013_body_Picture_5.png, GBP/USD Technical Analysis 04.18.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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--- 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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