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GBP/USD Technical Analysis – Trying to Launch Rebound

GBP/USD Technical Analysis – Trying to Launch Rebound

2014-05-21 02:36:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.6780 (trend line), 1.6730 (May 15 low)
  • Resistance: 1.6839 (14.6% Fib exp.),1.6906 (23.6% Fib exp.),

The British Pound is attempting to launch a recovery from support at a rising trend line set from early February. Near-term resistance is at 1.6839, the 14.6% Fibonacci expansion. A break above that on a daily closing basis targets the 23.6% level at 1.6906. Trend line support is now at 1.6780, with a reversal below that eyeing the May 15 low at 1.6730.

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 – Trying to Launch Rebound

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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