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

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 and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.