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Forex: GBP/USD Technical Analysis – Aiming to Challenge 1.68 Mark

Forex: GBP/USD Technical Analysis – Aiming to Challenge 1.68 Mark

2014-03-03 09:45:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6717 (23.6% Fib exp.), 1.6582 (Feb 24 low)
  • Resistance: 1.6800-22 (38.2% Fib exp., Feb 17 high), 1.6568 (50% Fib exp.)

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 has the 1.6800-22 area, marked by February 17 high and the 38.2% level. A further push beyond that eyes the 50% Fib at 1.6868. Alternatively, a turn back below 1.6717 sees the next layer of support 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.

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dailyclassics_gbp-usd_body_Picture_9.png, Forex: GBP/USD Technical Analysis – Aiming to Challenge 1.68 Mark

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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