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GBP/USD Technical Analysis – Short Trade Setup Sought

GBP/USD Technical Analysis – Short Trade Setup Sought

2014-04-16 03:37:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.6681 (38.2% Fib exp.), 1.6638 (50% Fib exp.)
  • Resistance: 1.6734 (23.6% Fib exp.), 1.6822 (Feb 17 high)

The British Pound may be carving out a Double Top chart formation against the US Dollar after prices completed a bearish Evening Star candlestick pattern below resistance at 1.6822, the February 17 high. An initial break below support at 1.6734, the 23.6% Fibonacci expansion, has exposed the 38.2% level at 1.6681. Pushing further beneath that eyes the 50% Fib at 1.6638. Alternatively a turn back above 1.6734 aims for 1.6822 anew.

A 53-pip trading range between near-term support and resistance doesn’t offer sufficient space for a short position given a 20-day ATR reading of 70 pips. We will continue to stand aside for now, looking for a more attractive setup to present itself.

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dailyclassics_gbp-usd_body_Picture_12.png, GBP/USD Technical Analysis – Short Trade Setup Sought

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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