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GBP/USD Technical Analysis 05.14.2013

GBP/USD Technical Analysis 05.14.2013

2013-05-14 11:40:00
Ilya Spivak, Head Strategist, APAC
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GBP/USD Technical AnalysisPrices declined as expected after putting in a Shooting Star candlestick below resistance at the top of a rising channel set from mid-March. The pair has now taken out the channel bottom to expose the 1.5195-1.5249 area, marked by the April 23 low and the 23.6% Fibonacci expansion. A further break beneath that aims for the 38.2% level at 1.5029. The channel bottom, now at 1.5370, has been recast as resistance. We continue to hold short.

Forex_GBPUSD_Technical_Analysis_05.14.2013_body_Picture_5.png, GBP/USD Technical Analysis 05.14.2013

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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