GBP/USD Technical Analysis: Bounce Hinted at Support
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. A Hammer candle above support at 1.5467, the 38.2% Fibonacci retracement, now hints a bounce may be ahead. Near-term resistance is at 1.5606, with a break above that aiming for the June 17 high at 1.5750. Alternatively, a move beneath support eyes the 50% level at 1.5379.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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