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GBPUSD: Consolidation Persists Below 1.58 Level

GBPUSD: Consolidation Persists Below 1.58 Level

2012-08-17 11:03:00
Ilya Spivak, Head Strategist, APAC
Share:

Strategy: Flat

Prices are edging higher after taking out resistance in the 1.5638-62 area marked by a former horizontal support set from mid-February and the 38.2% Fibonacci retracement. Near-term resistance is now in the 1.5769-84 region, defined by the March 22 low and the 50% retracement. A break above this hurdle exposes the 61.8% Fib at 1.5906. The 1.5638-62 area has been recast as near-term support, with a reversal back below that aiming to challenge a rising trend line set from the June 1 low (1.5543). Current positioning doesn’t offer an attractive entry setup from a risk/reward perspective and we will stand side for now.

GBPUSD_Consolidation_Persists_Below_1.58_Level_body_Picture_5.png, GBPUSD: Consolidation Persists Below 1.58 Level

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

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

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