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Forex: GBP/USD Technical Analysis – Slowly Inching Through Support

Forex: GBP/USD Technical Analysis – Slowly Inching Through Support

2014-02-24 07:37:00
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 carved a near-term top against the US Dollar, marked by the appearance of a bearish Evening Star candlestick pattern. The pair has edged past support in the 1.6667-80 area, defined 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.

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dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Slowly Inching Through Support

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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