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GBP/USD Technical Analysis 04.19.2013

GBP/USD Technical Analysis 04.19.2013

2013-04-19 12:26:00
Ilya Spivak, Head Strategist, APAC
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GBP/USD Technical AnalysisPrices are recovering from support at the bottom of a rising channel, eyeing initial resistance at the 38.2% Fibonacci retracement (1.5408). A break above that targets the channel top at 1.5491. Alternatively, a drop below the channel bottom (now at 1.5226) targets the 23.6% Fib expansion at 1.5054.

Forex_GBPUSD_Technical_Analysis_04.19.2013_body_Picture_1.png, GBP/USD Technical Analysis 04.19.2013

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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