GBP/USD Technical Analysis - Prices bounced from the 1.50 figure to test the 14.6% Fibonacci retracement at 1.5182. A break above that exposes the 1.5296-1.5305 area, marked by a recently broken multi-year range bottom and the 23.6% level. Near-term support is at 1.4984, the March 1 low. 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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