GBP/USD Technical Analysis: Direction Sought Above 1.50
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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