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GBP/USD Technical Analysis: Bulls Push to Reclaim 1.50

GBP/USD Technical Analysis: Bulls Push to Reclaim 1.50

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis – Prices put in a Bullish Engulfing candlestick pattern and pushed higher, testing resistance in the 1.5137-71 area marked by a formerly broken rising trend line and the 38.2% Fibonacci retracement. A break above that exposes the 50% level at 1.5281. Near-term support is at 1.5034, the 23.6% Fib, followed by the July 9 low at 1.4812.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Bulls Push to Reclaim 1.50

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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