GBP/USD Technical Analysis 05.28.2013
GBP/USD Technical Analysis – Prices declined as expected after putting in a Shooting Star candlestick below resistance at the top of a rising channel set from mid-March. Sellers now aim to challenge support at 1.5029, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.4850. Near-term falling channel resistance is at 1.5104, with a move above that aiming for the May 16 high at 1.5322.We continue to hold short
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.