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GBP/USD Slowly Building Higher

GBP/USD Slowly Building Higher

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Strategy: Flat

Prices broke above resistance at 1.5171, a barrier marked the 38.2% Fibonacci retracement and reinforced by a rising trend line set from mid-March. Buyers now aim to challenge the 50% level at 1.5281, with a push beyond that aiming for the 61.8% Fib at 1.5392. The 1.5171 mark has been recast as near-term support. A reversal back beneath that eyes the 23.6% retracement at 1.5034.Risk/reward considerations argue against placing a trade at current levels and we will stand aside.

Confirm your chart-based trade setups with the Technical Analyzer.

GBPUSD_Slowly_Building_Higher_body_gbpusd.png, GBP/USD Slowly Building Higher

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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