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Forex: GBP/USD Technical Analysis – Waiting for Short Trade Setup

Forex: GBP/USD Technical Analysis – Waiting for Short Trade Setup

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Pending Short
  • Support: 1.6667-80 (Jan 24 high, 14.6% Fib ret.), 1.6593 (23.6% Fib ret.)
  • Resistance: 1.6822 (Feb 17 high)

The British Pound may have put in a top against the US Dollar after prices produced a bearish Evening Star candlestick pattern. The pair has now edged past support in the 1.6667-80 area, marked by the January 24 high and the 14.6% Fibonacci retracement, exposing the 23.6% level at 1.6593. A further push beneath that targets the 38.2% Fib at 1.6452. Alternatively, a move back above 1.6667 eyes the February 17 highat 1.6822.

Near-term support is a bit too close to current levels to justify a short position on risk/reward grounds. We will continue to monitor price action from the sidelines for now, looking for a viable selling opportunity.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Waiting for Short Trade Setup

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

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