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Forex: GBP/USD Technical Analysis – 8-Month Resistance Broken

Forex: GBP/USD Technical Analysis – 8-Month Resistance Broken

2013-08-16 10:00:00
Ilya Spivak, Head Strategist, APAC
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GBP/USD Technical AnalysisPrices broke resistance at a falling trend line set from mid-December, hinting a larger-scale upward reversal is in progress. Near-term resistance from here is at 1.5657, the 50% Fibonacci expansion, with a break above that eyeing the 61.8% mark at 1.5713. Near-term support is at 1.5602, the 38.2% Fib.

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

dailyclassics_gbp-usd_body_Picture_5.png, Forex: GBP/USD Technical Analysis – 8-Month Resistance Broken

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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