GBP/USD Technical Analysis – Prices pulled back as expected after putting in a Hanging Man candlestick below support-turned-resistance at the underside of a rising channel set from mid-March. The pair is now testing support at 1.5380, the 50% Fibonacci retracement, with a break below that exposing the 61.8% level at 1.5291. Near-term resistance is at 1.5467, the 38.2% Fib.

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

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