GBP/USD Technical Analysis - Prices broke below a critical support cluster marked by two alternative rising trend linesset from mid-January 2009 (one based against the May 20 2010 low and the other against the June 1 2012 one) and took out the 38.2% Fibonacci expansion (1.5571). Sellers have now cleared the 50% level at 1.5488, exposing the 61.8% Fib at 1.5403. The 1.5488 level has been recast as resistance. We continue to hold short.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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