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GBP/USD Technical Analysis – All Eyes on 3-Month Support

GBP/USD Technical Analysis – All Eyes on 3-Month Support

2014-05-19 02:47:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.6765 (trend line), 1.6711 (38.2% Fib ret.)
  • Resistance: 1.6820 (23.6% Fib ret.),1.6887 (14.6% Fib ret.),

The British Pound continues to hover above three-month trend support having dropped as expected following the publication of the BOE Inflation Report. A break below a rising trend line set from February – now at 1.6765 – targets the 38.2% Fibonacci retracement at 1.6711. Initial resistance is at 1.6820, marked by the 23.6% level. A turn back above that aims for the 14.6% Fib at 1.6887.

Prices are wedged too closely between near-term up- and down-side technical barriers to justify taking a trade at current levels from a risk/reward perspective. We will continue to wait on the sidelines for now.

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GBP/USD Technical Analysis – All Eyes on 3-Month Support

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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