GBP/USD Technical Analysis: Downward Reversal Signaled
GBP/USD Technical Analysis – Prices put in a bearish Evening Star candlestick pattern, hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support is at 1.5212, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1.5075. Near-term resistance is at 1.5433, the July 25 high.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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