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GBP/USD Technical Analysis: Sellers Target Below 1.52

GBP/USD Technical Analysis: Sellers Target Below 1.52

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis – Prices declined 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 break below support at 1.5291, the 61.8% Fibonacci retracement, has exposed the 76.4% level at 1.5183. A further push beneath that aims for May 29 low at 1.5008. The 1.5291 mark has been recast as near-term resistance, with a move back above that aiming for the 50% retracement at 1.5379.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Sellers Target Below 1.52

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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