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GBP/USD Technical Analysis: Pound Breaks Past July Top

GBP/USD Technical Analysis: Pound Breaks Past July Top

2013-08-08 07:08:00
Ilya Spivak, Head Strategist, APAC
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GBP/USD Technical AnalysisPrices are testing resistance at 1.5485, the 61.8% Fibonacci expansion, with a break above that targeting a falling trend line set from mid-December 2012 at 1.5556. This barrier is reinforced by the 76.4% level at 1.5576. A break above that eyes the 100% expansion at 1.5722. Near-term support is at 1.5412, the 50% Fib.

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

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Pound Breaks Past July Top

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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