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Forex: GBP/USD Technical Analysis – Line in the Sand at 1.55

Forex: GBP/USD Technical Analysis – Line in the Sand at 1.55

2013-09-04 01:42:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Bounce from 1.5482 (38.2% Fib, trend lines from Dec’12 & Jul’13) exposed 1.5571 (23.6% Fib)
  • Daily close above 1.5571 targets 1.5720, the June closing high and a possible double top
  • Reversal below support aims for 1.5409, the 50% Fib retracement

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

dailyclassics_gbp-usd_body_Picture_5.png, Forex: GBP/USD Technical Analysis – Line in the Sand at 1.55

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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