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GBP/USD Technical Analysis: Direction Sought Above 1.50

GBP/USD Technical Analysis: Direction Sought Above 1.50

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis – Prices pulled back from resistance at 1.5171 marked the 38.2% Fibonacci retracement and reinforced by a formerly broken rising trend line. Near-term support is at 1.5034, the 23.6% level, with a break below that eyeing the 14.6% Fib at 1.4949. Alternatively, a reversal above resistance targets the 50% retracement at 1.5281.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Direction Sought Above 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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