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Euro Forecast: EUR/USD Price Outlook Still Positive, Reaching for 1.22
2021-05-09 00:00:00
Monthly Forex Seasonality - May 2021: Sell in May and Go Away? Not for USD, Stocks
2021-05-08 19:00:00
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Crude Oil Forecast: Oil Prices Edge Lower Toward Trend Support
2021-05-08 15:30:00
Oil Price Rally Vulnerable Amid Failure to Test March High
2021-05-06 14:30:00
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2021-05-09 16:00:00
Monthly Forex Seasonality - May 2021: Sell in May and Go Away? Not for USD, Stocks
2021-05-08 19:00:00
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British Pound Technical Forecast: GBP/USD Breaks Higher, EUR/GBP Stagnates
2021-05-08 21:00:00
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2021-05-08 19:00:00
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2021-05-08 19:00:00
Live Data Coverage: April US Nonfarm Payrolls w/ Christopher Vecchio, CFA
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GBPUSD: Standing Aside as Prices Test Support

GBPUSD: Standing Aside as Prices Test Support

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

GBPUSD is testing support at 1.5383, the 38.2% Fibonacci retracement, a barrier reinforced by the lower boundary of a falling channel set from the late June swing top. Overall positioning suggests a bearish bias but risk/reward considerations argue against entering at current levels. We will stand aside for now until a more attractive setup presents itself.

GBPUSD_Standing_Aside_as_Prices_Test_Support_body_Picture_5.png, GBPUSD: Standing Aside as Prices Test Support

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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