GBP/USD Technical Analysis – Prices are testing resistance at the top of a rising channel set from mid-March (1.5562), a barrier reinforced by the 50% Fibonacci retracement at 1.5586. A break higher exposes the 61.8% Fib at 1.5764.Initial support is at 1.5408, the 38.2% level, with a reversal below that targeting the channel bottom at 1.5249.

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

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