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GBP/USD Technical Analysis: Bulls Attempt to Expose 1.53

GBP/USD Technical Analysis: Bulls Attempt to Expose 1.53

2013-07-22 10:05:00
Ilya Spivak, Head Strategist, APAC
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GBP/USD Technical Analysis – Prices broke above resistance at 1.5171, a barrier marked the 38.2% Fibonacci retracement and reinforced by a rising trend line set from mid-March. Buyers are now challenging the 50% level at 1.5281, with a push beyond that aiming for the 61.8% Fib at 1.5392. The 1.5171 mark has been recast as near-term support. A reversal back beneath that eyes the 23.6% retracement at 1.5034.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Bulls Attempt to Expose 1.53

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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