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GBP/USD Technical Analysis 04.23.2013

GBP/USD Technical Analysis 04.23.2013

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical AnalysisPrices are testing below support at the bottom of a rising channel, with a break downward on a daily closing basis exposing the 23.6% Fibonacci expansion at 1.5054. Near-term resistance is at 1.5408, the 38.2% Fib retracement.

Forex_GBPUSD_Technical_Analysis_04.23.2013_body_Picture_5.png, GBP/USD Technical Analysis 04.23.2013

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 ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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