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Forex: GBP/USD Technical Analysis – Selloff Stalling Near 1.64

Forex: GBP/USD Technical Analysis – Selloff Stalling Near 1.64

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices broke support at 1.6426 (23.6% Fib ret), exposing 1.6316 (38.2% Fib)
  • A further push below that targets the 1.6204-28 area (Flag top, 50% Fib ret.)
  • Turning back above 1.6426 aims for 1.6465 (trend line support-turned-resistance)

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

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Selloff Stalling Near 1.64

Daily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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