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GBP/USD Technical Analysis: Resistance Below 1.54 Holds Up

GBP/USD Technical Analysis: Resistance Below 1.54 Holds Up

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical AnalysisPrices are testing resistance at a falling trend line set from the June 17 swing high, with a break above that targeting swing tops at 1.5391 and 1.5433. Near-term support is in the 1.5287-1.5303 area, marked by the 23.6% Fibonacci expansion and the July 3 high. A push beneath that exposes the 38.2% level at 1.5196.

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 Holds Up

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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