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Forex: GBP/USD Technical Analysis – Oscillating Around 1.65 Figure

Forex: GBP/USD Technical Analysis – Oscillating Around 1.65 Figure

2014-03-25 23:36:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6469-89 (61.8% Fib ret., trend line), 1.6386 (76.4% Fib ret.)
  • Resistance: 1.6536 (50% Fib ret.), 1.6604 (38.2% Fib ret.)

The British Pound continues to hold above support marked by a rising trend line set from mid-November against the US Dollar. This barrier is reinforced by the 61.8% Fibonacci retracement at 1.6469, with a break downward initially exposing the 76.4% level at 1.6386. Alternatively, a daily close above resistance at 1.6536 – the 50% Fib – targets the 38.2% retracement at 1.6604.

Risk/reward considerations argue against entering short with prices wedged tightly between near-term up- and down-side technical barriers. With that in mind, we will continue to stand aside until a more attractive trade setup presents itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Oscillating Around 1.65 Figure

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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