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GBP/USD Technical Analysis: Channel Bottom in Focus

GBP/USD Technical Analysis: Channel Bottom in Focus

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis – Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above resistance at 1.5600, the 76.4% Fibonacci expansion, has exposed the underside of a rising channel set from mid-March, now at 1.5689. A push higher beyond that aims for the 100% level at 1.5783. The 1.5600 figure has been recast as near-term support, with a move back beneath that targeting the 61.8% Fib at 1.5487.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Channel Bottom in Focus

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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