29.06.201509:37 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 29, 2015

Long-term review

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GBP/USD has been steadily rising since June 05 up to june 18 when it tested a high of 1.5929. Currently, GBP/USD is in a correctional phase and could hit new lower lows.

The uptrend trendline is broken, the 200 moving average is broken, the downtrend trendline is rejected. And finally, 38.2% level, (taken from the Fibonaccy applied to the uptrend trendline breakout point) was rejected few times.

Overall, the short-term trend is downword, resistance was rejected. Support was not tested. Consider selling GBP/USD between R1 (1.5752) and R2 (1.5785) targeting S2 (1.5642) which is 0% Fibs level. Onlya break above R3 could result in a movement higher to form a double top near 1.5930.

Support: 1.5709, 1.5642

Resistance: 1.5752, 1.5785, 1.5819

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