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Forex: GBP/USD Technical Analysis – Double Top in the Works?

Forex: GBP/USD Technical Analysis – Double Top in the Works?

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices testing possible Double Top in the 1.5750-71 area (June 17 high, 38.2% Fib expansion)
  • Reversal lower from here sees initial rising channel support at 1.5598
  • Break above resistance on a daily closing basis targets 1.5878, the 50% Fib expansion

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

dailyclassics_gbp-usd_body_Picture_5.png, Forex: GBP/USD Technical Analysis – Double Top in the Works?

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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