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

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