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Forex: GBP/USD Technical Analysis – Trying to Build Above 1.60

Forex: GBP/USD Technical Analysis – Trying to Build Above 1.60

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • A bearish Dark Cloud Cover candle pattern marked a turn lower, as expected
  • Breaking below 1.5899 (23.6% Fib exp.) eyes the 1.5675-1.5720 area (38.2% Fib, June top)
  • Reversing above falling trend line resistance (1.6046) exposes 1.6230 (trend line from Jul’13)

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

dailyclassics_gbp-usd_body_Picture_10.png, Forex: GBP/USD Technical Analysis – Trying to Build Above 1.60

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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