Forex: GBP/USD Technical Analysis – Trend Line Marks Reversal
GBP/USD Technical Analysis – Prices are edging lower after putting in a bearish Three Inside Down candlestick pattern below resistance at a falling trend line set from mid-December 2012. Near-term support is at 1.5352, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1.5215. Trend line resistance is now at 1.5538. We have entered short.
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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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