News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD Technical Analysis – Resistance Found Near 1.69

GBP/USD Technical Analysis – Resistance Found Near 1.69

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.6852 (23.6% Fib exp.), 1.6822 (Feb 17 high)
  • Resistance: 1.6907 (38.2% Fib exp.), 1.6952 (50% Fib exp.)

The British Pound is treading water against the US Dollar having found technical resistance near the 1.69 figure. A daily close above the 38.2% Fibonacci expansion at 1.6907 exposes the 50% level at 1.6952. Alternatively, a reversal below the 23.6% Fib at 1.6852 opens the door for a retest of the February 17 high at 1.6822, this time as support.

Our short position from 1.6789 was stopped out on a daily close above 1.6822 last week. As it stands, current positioning does not offer an attractive trade setup and we will remain on the sidelines, waiting for an attractive opportunity to present itself.

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

GBP/USD Technical Analysis – Resistance Found Near 1.69

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.

DISCLOSURES