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GBP/USD Technical Analysis: Selloff Pauses Above 1.48

GBP/USD Technical Analysis: Selloff Pauses Above 1.48

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 61.8% Fibonacci expansion at 1.4817. A break beneath that aims for the 76.4% level at 1.4596. Near-term resistance is at 1.4995, the 50% Fib, with a turn above that opening the door for a retest of the trend line (now at 1.5134).

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Selloff Pauses Above 1.48

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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