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Forex: GBP/USD Technical Analysis – Bearish Reversal on Hand?

Forex: GBP/USD Technical Analysis – Bearish Reversal on Hand?

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • A Bearish Engulfing candle pattern hints a move lower is ahead
  • Breaking below 1.6475 (23.6% Fib ret.) exposes 1.6356 (38.2% Fib exp.)
  • Near-term resistance is at 1.6667, the December 24 high

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

dailyclassics_gbp-usd_body_Picture_9.png, Forex: GBP/USD Technical Analysis – Bearish Reversal on Hand?

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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