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GBP/USD Technical Analysis 05.23.2013

GBP/USD Technical Analysis 05.23.2013

Ilya Spivak, Head Strategist, APAC

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. Sellers are now testing support at 1.5029, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.4850. We continue to hold short, Near-term falling channel resistance is at 1.5207, with a above that aiming for the May 16 high at 1.5322.

Forex_GBPUSD_Technical_Analysis_05.23.2013_body_Picture_5.png, GBP/USD Technical Analysis 05.23.2013

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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