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GBP/USD Technical Analysis: Support Above 1.48 at Risk

GBP/USD Technical Analysis: Support Above 1.48 at Risk

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis – Prices took out support at a rising trend line set from mid-March and accelerated lower, with sellers now aiming to challenge the 76.4%Fibonacci expansion at 1.4828. A break beneath that aims for the 100% level at 1.4682. Near-term resistance is at 1.4919, the 61.8% Fib, with a turn above that eyeing the 50% expansion at 1.4992.

dailyclassics_gbp-usd_body_Picture_7.png, GBP/USD Technical Analysis: Support Above 1.48 at Risk

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.