GBP/USD Technical Analysis – Prices are testing resistance at a falling trend line set from the June 17 swing high (now at 1.5344), with a break above that initially targeting the July 25 top at 1.5433. Alternatively, a reversal below the 1.5287-1.5303 area marked by the 23.6% Fibonacci expansion and the July 3 high exposes the 38.2% level at 1.5196.

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Daily Chart - Created Using FXCM Marketscope 2.0

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

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