GBP/USD Technical Analysis: Pound Sinks to 11-Month Low
To receive Ilya's analysis directly via email, please SIGN UP HERE
- GBP/USD Technical Strategy: Short at 1.6233
- Support: 1.5954, 1.5819, 1.5653
- Resistance: 1.6088, 1.6255, 1.6486
The British Pound accelerated downward against the US Dollar, tumbling to the weakest level in 11 months. A daily close below the 50% Fibonacci expansion at 1.5954 exposes the 61.8% level at 1.5819. Alternatively, a reversal back above the 38.2% Fib at 1.6088 opens the door for a test of the 1.6255, the intersection of the 23.6% expansion and a falling trend line set from mid-July.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com