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GBP/USD Technical Analysis – Key Trend Line Still in Play

GBP/USD Technical Analysis – Key Trend Line Still in Play

2014-05-19 21:29:00
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 is stalling at trend line support set from early February having dropped as expected following last week’s release of the BOE Inflation Report. A break downward on a daily closing basis initially targets the 38.2% Fibonacci retracement at 1.6711. Near-term resistance is at 1.6820, marked by the 23.6% level, with a turn back above that aiming for the 14.6% Fib at 1.6887.

Risk/reward considerations argue against taking a trade at present withprices wedged too closely between near-term up- and down-side technical barriers. We will continue to wait on the sidelines for the time being.

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GBP/USD Technical Analysis – Key Trend Line Still in Play

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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