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GBP/USD Technical Analysis – 4-Month Support Under Fire

GBP/USD Technical Analysis – 4-Month Support Under Fire

2014-05-26 23:58:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.6808 (trend line), 1.6711 (38.2% Fib ret.)
  • Resistance:1.6920 (May 21 high), 1.6996 (May 6 high)

The British Pound edged downward anew against the US Dollar, with prices back to re-test rising trend support established from early February (now at the 1.6808 figure). A daily close below this barrier initially targets the 38.2% Fibonacci retracement at 1.6711. Resistance comes in at 1.6920, the May 21 high, with a break above that opening the door for a challenge of the May 6 top at 1.6996.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, taking up the long side seems premature in the absence of a defined bullish reversal signal. We will remain on the sidelines for the time being.

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GBP/USD Technical Analysis – 4-Month Support Under Fire

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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