GBP/USD is on course to test 1.5599 as the spot sets fresh two-month lows during Thursday's c[Dow Jones Chief Technical Analyst For Europe. Temporary support has emerged at 1.5640, where the 61.8% Fibonacci retracement level of the January to April 1.5235/1.6302 rally lies, but the ferocity of the short-term downtrend from the April 30 peak at 1.6302 is still prevalent. The March 12 higher low at 1.5599 remains vulnerable, and there is scope to the 76.4% Fibonacci retracement level at 1.5500. Resistance at 1.5764 has become pivotal for the near-term, and only above Tuesday's high at 1.5848 would lift the tone. GBP/USD is at 1.5694. -By Francis Bray, Dow Jones Chief Technical Analyst For Europe.
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