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GBPUSD Near-term Support in Focus

GBPUSD Near-term Support in Focus

Christopher Vecchio, CFA, Senior Strategist

Daily Bars

eliottWaves_gbp-usd_body_GBPUSD.jpg, GBPUSD Near-term Support in Focus

Prepared by Christopher Vecchio, Currency Analyst

Price continues to pullback from recent highs, though by no means is the GBPUSD’s bull run complete. Instead, we find that the pair has entered a short-term period of consolidation. Key levels for the near-term are 1.5880/1.5900 to the upside and 1.5770 to the downside; we are also becoming overextended on shorter-term charts, suggesting that another failure at 1.5900 could lead to profit taking before further bullish price action. A daily close below 1.5770 should lead to a drop into 1.5700/20. Beyond that, support comes in at 1.5635/40 (last week’s low), and 1.5625 (ascending trendline support off of August 6 and August 10 lows). A daily close above 1.5900 points towards 1.5985.

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