GBP/USD Technical Analysis - Prices put in a Shooting Star candlestick below resistance at 1.5187, the 23.6% Fibonacci retracement, warning a turn lower may be ahead. Initial support is at 1.5051, the 14.6% level, with a break beneath that aiming for the March 12 low at 1.4830. Alternatively, a push above resistance targets a recently broken multi-year range bottom at 1.5296. We continue to hold short for now.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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