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Forex: GBP/USD Technical Analysis – Trend Line Resistance Held

Forex: GBP/USD Technical Analysis – Trend Line Resistance Held

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices are retesting rising trend line support-turned-resistance at 1.6497
  • A break higher initially targets 1.6603 (January 2 high)
  • Near-term support is in the 1.6316-36 area (January 6 low, 38.2% Fib ret.)

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

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Trend Line Resistance Held

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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