GBP/USD - Heading Towards 50% Fibonacci Retracement
GBP/USD is declining. Support lies at the 50% Fibonacci retracement and stronger support can be found at 1.5202 (13/10/2015 low). Hourly resistance is given at 1.5529 (18/09/2015 high). A long as prices remain in the above range, there is no clear mid-term momentum.
In the longer term, the technical structure looks like a recovery as long as support given at 1.5089 stands. A full retracement of the 2013-2014 rise is expected.