Forex: GBP/USD Technical Analysis – Attempting to Renew Rally
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- GBP/USD Technical Strategy: Flat
- Support: 1.6582 (Feb 24 low)
- Resistance: 1.6717 (23.6% Fib exp.), 1.6800-22 (38.2% Fib exp., Feb 17 high)
The British Pound is attempting to renew its push higher against the US Dollar. A break above the 23.6% Fibonacci expansion at 1.6717 exposes the 1.6800-22 area, marked by February 17 high and the 38.2% level. Near-term support is at 1.6582, the February 24 low.
An upside breakout is unconfirmed for now absent a daily close above resistance and we will wait for that to materialize before looking for a long trade setup. Needless to say, pursing a short position that assumes resistance will necessarily hold is premature at this point. We will monitor price action from the sidelines for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com