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GBP/USD Technical Analysis 06.03.2013

GBP/USD Technical Analysis 06.03.2013

Ilya Spivak, Head Strategist, APAC

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.

Forex_GBPUSD_Technical_Analysis_06.03.2013_body_Picture_5.png, GBP/USD Technical Analysis 06.03.2013

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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