GBP/USD Technical Analysis 03.28.2013

GBP/USD Technical Analysis - Prices put in a bearish Dark Cloud Cover candlestick on a retest of resistance marked by a falling trend line set from the January 2 swing high and the recently broken multi-year range bottom at the 1.53 figure. Near-term support is at 1.5120, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1.4873. Trend line resistance is now at 1.5222. We continue to hold short.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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