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GBPUSD: Congestion Seen Above 1.54 Level

GBPUSD: Congestion Seen Above 1.54 Level

2011-12-20 05:41:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

GBPUSD put in a Spinning Top candlestick above support at a rising trend line set from late September, hinting a bounce ahead, but bullish momentum has failed to materialize thus far. Prices remain wedged between the aforementioned trend line and the 14.6% Fibonacci retracement at 1.5539. A break higher initially exposes the 23.6% level at 1.5605. Alternatively, a push through support targets the November 25 low at 1.5422. We do not see an actionable trade setup here at present and will remain on the sidelines until something more compelling emerges.

GBPUSD_Congestion_Seen_Above_1.54_Level_body_Picture_5.png, GBPUSD: Congestion Seen Above 1.54 Level

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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