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Talking Points:
- GBP/USD Technical Strategy: Flat
- Support: 1.5349, 1.5170, 1.4990
- Resistance: 1.5459, 1.5638, 1.5783
The British Pound is cautiously edging higher against the US Dollar having put in a Bullish Engulfing candlestick pattern. Near-term resistance is at 1.5459, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 1.5638. Alternatively, a reversalback below the 14.6% Fib at 1.5349 opens the door for a challenge of the June 1 low at 1.5170.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
