Forex: GBP/USD Technical Analysis – Resistance Met Above 1.60
To receive Ilya's analysis directly via email, please SIGN UP HERE
- A bearish Dark Cloud Cover candle pattern marked a turn lower, as expected
- Support is at 1.5918 (23.6% Fib ret.); resistance is at 1.6154 (trend line from Jul’13)
- Break higher targets 1.6235 (23.6% Fib exp.), below support eyes 1.5707 (38.2% Fib ret.)
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
Contact and follow Ilya on Twitter: @IlyaSpivak
New to FX? START HERE
For live market updates, visit the Real Time News Feed
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.