Chart of the Day for July 9th, 2013 – GBP/USD
By Ilya Spivak
Prices took out support at a rising trend line set from mid-March and accelerated lower, with sellers now aiming to challenge the 61.8% Fibonacci expansion at 1.4817. A break beneath that aims for the 76.4% level at 1.4596. Near-term resistance is at 1.4995, the 50% Fib, with a turn above that opening the door for a retest of the trend line (now at 1.5134).