GBP/USD Technical Analysis: Short Position Remains in Play
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- GBP/USD Technical Strategy: Short at 1.6233
- Support: 1.6043, 1.5931, 1.5749
- Resistance: 1.6166, 1.6237, 1.6459
The British Pound rose as expected against the US Dollar after putting in a bullish Piercing Line candlestick pattern. A daily close above falling trend line resistance at 1.6166 exposes the 23.6%Fibonacci retracement at 1.6237. Alternatively, a turn below the 14.6% Fib expansion at 1.6043 opens the door for a test of the 23.6% threshold at 1.5931.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.