GBP/USD Technical Analysis – Prices are pulling back from resistance at 1.5712, the 38.2% Fibonacci retracement, to retest the 23.6% level at 1.5601. A break below that targets the falling trend line resistance-turned-support at 1.5510, followed by the July 25 high at 1.5433. Alternatively, a move above resistance aims for the 50% expansion at 1.5802.
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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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Forex: GBP/USD Technical Analysis ? Rally Stalls Below 1.57
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