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GBP/USD Technical Analysis: Resistance Below 1.54 Under Fire

GBP/USD Technical Analysis: Resistance Below 1.54 Under Fire

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis – Prices broke above resistance at 1.5281, the 50% Fibonacci retracement, opening the door for a challenge of the 61.8% level at 1.5392. A push above that aims for the 76.4% Fib at 1.5529. The 1.5281 mark has been recast as near-term support, with a reversal back beneath that targeting the 38.2% retracement at 1.5171.

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

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Resistance Below 1.54 Under Fire

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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