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Forex: GBP/USD Technical Analysis – Bounce Launched at Trend Line

Forex: GBP/USD Technical Analysis – Bounce Launched at Trend Line

2014-03-27 03:05:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6496 (trend line), 1.6455 (channel floor)
  • Resistance: 1.6594 (23.6% Fib exp.), 1.6662-77 (channel top, 38.2% Fib exp.)

The British Pound recovered against the US Dollar having found support at rising trend line set from mid-November. Near-term resistance is at 1.6594, the 23.6% Fibonacci expansion. A break above that exposes the 1.6662-77 area, marked by the 38.2% level and a rising channel top. Alternatively, a move below the trend line (1.6496) eyes the channel bottom at 1.6455.

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.

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dailyclassics_gbp-usd_body_Picture_11.png, Forex: GBP/USD Technical Analysis – Bounce Launched at Trend Line

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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