GBP/USD Technical Analysis - Prices are testing the 100% Fibonacci expansion at 1.5132. A break downward exposes the 1.50 level and the 123.6% expansion at 1.4964. Near-term resistance is found in the 1.5296-1.53 area, marked by the 76.4% Fib and the major horizontal bottom dating back to September 2010, with a push above that aiming for the 61.8% expansion at 1.5405. We continue to hold short.

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.