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Forex Analysis: GBP/USD Aims at Key Trend Line

Forex Analysis: GBP/USD Aims at Key Trend Line

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices turned lower from resistance at the 1.63 figure after putting in a Shooting Star candlestick coupled with negative RSI divergence Sellers have now cleared initial resistance-turned-support is at 1.6177 and aim to clear the next barrier at 1.6099. The 1.5951-1.60 area lines up as the next key support below that. A push beneath this region initially eyes the November 15 low at 1.5822. The 1.6177 level has been recast as resistance once again. Positioning doesn’t offer an actionable trade setup at the moment and we will remain on the sidelines.

Forex_Analysis_GBPUSD_Aims_at_Key_Trend_Line_body_Picture_1.png, Forex Analysis: GBP/USD Aims at Key Trend Line

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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