GBP/USD Technical Analysis 06.03.2013
GBP/USD Technical Analysis – Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern and clearing falling trend line resistance set from early May. A break above initial resistance at 1.5149, the 23.6% Fibonacci retracement, has exposed the 38.2% level at 1.5236. A further push above that aims for the 50% Fib at 1.5307. The 1.5149 mark has been recast as near-term support.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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