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Forex: GBP/USD Technical Analysis – Clinging to Range Bottom

Forex: GBP/USD Technical Analysis – Clinging to Range Bottom

2014-03-17 23:32:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6593 (23.6% Fib ret.), 1.6452 (38.2% Fib ret.)
  • Resistance: 1.6742 (Feb 14 close), 1.6785 (38.2% Fib exp.)

The British Pound continues to wait for defined direction cues against the US Dollar, with prices stalling above support at 1.6593 marked by the 23.6% Fibonacci retracement. Near-term resistance is at 1.6742, marked by the February 14 close and a recently broken rising trend line. A break above that aims for the 38.2% Fib expansion at 1.6785. Alternatively, a turn below support targets the 38.2% retracement at 1.6452.

Our fundamental outlook continues to favor a weaker British Pound. Risk/reward considerations warn against entering short with prices sitting just above relevant support however. We will continue to monitor developments from the sidelines for the time being.

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dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Clinging to Range Bottom

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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