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GBP/USD Technical Analysis 05.06.2013

GBP/USD Technical Analysis 05.06.2013

2013-05-06 12:03:00
Ilya Spivak, Head Strategist, APAC
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GBP/USD Technical AnalysisPrices confirmed a Shooting Star candlestick below resistance at the top of a rising channel with a bearish close on the following day’s bar, hinting a reversal may be underway. Near-term support is at 1.5385, the 14.6% Fibonacci retracement, with a break below that targeting the channel bottom at 1.5298. Channel resistance is now at 1.5603. We have entered short.

Forex_GBPUSD_Technical_Analysis_05.06.2013_body_Picture_5.png, GBP/USD Technical Analysis 05.06.2013

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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