Daily Forex Update: GBP/USD

The intraday GBP/USD shows weakness within the U.S. Dollar. The trend lower, which lasted throughout the U.S. session, pushed prices to a 1.5566 low; this puts support between that level and 1.5532 on the short-term intraday time frames. This area is important for two reasons: short-term, the downtrend is shifting to a more narrow, sideways range; in the longer term there exists a retracement that puts the daily chart at 50% Fibonacci support, as well as a six-month uptrend line.