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Forex: GBP/USD Technical Analysis – Support Above 1.62 in Focus

Forex: GBP/USD Technical Analysis – Support Above 1.62 in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6260 (50% Fib ret.), 1.6164 (61.8% Fib ret.)
  • Resistance: 1.6356 (38.2% Fib ret.), 1.6428 (channel bottom)

Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair is now testing support at 1.6260, the 50% Fibonacci retracement, with a break below that targeting the 61.8% level at 1.6164. Alternatively, a close back above the 38.2% Fib at 1.6356 aims for the underside of a rising channel bottom set from set from mid-December, now at 1.6428.

Risk/reward considering argue against taking a trade with prices in close proximity to near-term support. Alternatively, attempting to pick a bottom and trading the pair to the long side presumes support will hold, which is an assumption that is thus far baseless. As such, we remain sidelined for now.

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

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Support Above 1.62 in Focus

Daily Chart - Created Using FXCM Marketscope 2.0

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