Forex: GBP/USD Technical Analysis – Stuck in Consolidation Mode
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- Prices moved lower as expected after putting in a Bearish Engulfing candle pattern
- Breaking below support at 1.6341 (14.6% Fib ret.) exposes 1.6180 (23.6% Fib ret.)
- Above 1.6546 (trend line support-turned-resistance) targets 1.6562 (Jan 2 high)
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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