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Forex: GBP/USD Technical Analysis – Closer to a Double Top

Forex: GBP/USD Technical Analysis – Closer to a Double Top

2013-10-29 07:24:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points

  • A bearish Dark Cloud Cover candle pattern marked a turn lower, as expected
  • Breaking rising trend line support at initially exposes 1.5918 (23.6% Fib retracement)
  • Above resistance at 1.6235 (23.6% Fib expansion) targets 1.6446 (38.2% Fib exp.)

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

dailyclassics_gbp-usd_body_Picture_10.png, Forex: GBP/USD Technical Analysis – Closer to a Double Top

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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