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GBP/USD Technical Analysis: Rally Falters at Resistance

GBP/USD Technical Analysis: Rally Falters at Resistance

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis – Prices pulled back as expected after putting in a Hanging Man candlestick below support-turned-resistance at the underside of a rising channel set from mid-March. Near-term support is at 1.5606, the May 1 high, with a push beneath that eyeing the 38.2% Fibonacci retracement at 1.5467. Channel resistance is now at 1.5772.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Rally Falters at Resistance

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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