Forex: GBP/USD Technical Analysis – Topping Confirmation Pending
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- GBP/USD Technical Strategy: Flat
- Support: 1.6593 (23.6% Fib ret.), 1.6452 (38.2% Fib ret.)
- Resistance: 1.6667-80 (Jan 24 high, 14.6% Fib ret.), 1.6822 (Feb 17 high)
The British Pound is still trying to carve out a top against the US Dollar having put in a bearish Evening Star candlestick pattern. A push below support at 1.6593, the 23.6%Fibonacci retracement, exposes the 38.2% level at 1.6452. Alternatively, a move above the 1.6667-80 area marked by the January 24 high and the 14.6% Fib clears a path toward the February 17 highat 1.6822.
Recent price action is a bit too choppy to generate confidence in downside follow-through and we will continue to monitor price action from the sidelines for now, looking for a viable selling opportunity.
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.