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GBP/USD Technical Analysis: Bounce Hinted at Support

GBP/USD Technical Analysis: Bounce Hinted at Support

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. 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.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Bounce Hinted at Support

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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