GBP/USD Technical Analysis - Prices formed a bearish Dark Cloud Cover candlestick on a retest of resistance at a falling trend line set from early January, hinting at renewed weakness ahead. Near-term support is at 1.5121, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1.4873. Trend line resistance is now at 1.5177. A push above that targets the 1.53 figure. We continue to hold short for now.

Daily Chart - Created Using FXCM Marketscope 2.0

Want to back-test your technical trading strategy? Download the historical data here.

--- 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.