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GBP/USD Technical Analysis – Selloff Pauses Above 1.68

GBP/USD Technical Analysis – Selloff Pauses Above 1.68

2014-05-12 23:04:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.6820 (23.6% Fib ret.), 1.6711-35 (trend line, 38.2% Fib ret.)
  • Resistance: 1.6935 (trend line), 1.6996 (May 6 high)

The British Pound paused for a breather after turning sharply lower against the US Dollar having found resistance below the 1.70 figure. Initial support is at 1.6820, the 23.6% Fibonacci retracement, with a daily close below that exposing the 1.6711-35 area marked by the 38.2% level and a rising trend line set from early February. Trend line support-turned-resistance is at 1.6935. A reversal back above that clears the way for another challenge of the May 6 high at 1.6996.

Prices are too close to 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 remain flat for now.

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GBP/USD Technical Analysis – Selloff Pauses Above 1.68

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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