GBP/USD Technical Analysis - Prices are testing resistance at 1.5187, the 23.6% Fibonacci retracement. A break higher targets a recently broken multi-year range bottom at 1.5296. Initial support is at 1.5051, the 14.6% level, with a drop beneath that aiming for the March 12 low at 1.4830. 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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