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.

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
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
GBP/USD Technical Analysis – Support Above 1.69 in Focus

GBP/USD Technical Analysis – Support Above 1.69 in Focus

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:1.6929 (23.6% Fib exp.), 1.6906 (trend line)
  • Resistance: 1.6996 (38.2% Fib exp.), 1.7050 (50% Fib exp.)

The British Pound paused below the 1.70 figure after a breakneck advance against the US Dollar that took prices to the highest level in nearly five years. Initial resistance is at 1.6996, marked by the 38.2% Fibonacci expansion. A break above that on a daily closing basis exposes the 50% level at 1.7050. Near-term support is at 1.6929, the 23.6% level, with a turn below that targeting a rising trend line set from early April, now at 1.6906.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal warns against taking up the long side. With that in mind, we will remain flat for now.

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

GBP/USD Technical Analysis – Support Above 1.69 in Focus

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