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GBP/USD Technical Analysis – Resistance Below 1.69 Holds Up

GBP/USD Technical Analysis – Resistance Below 1.69 Holds Up

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Pending Short
  • Support:1.6688 (“axis” line), 1.6627 (channel floor), 1.6559 (38.2% Fib ret.)
  • Resistance:1.6819 (channel top), 1.6862 (trend line), 1.6920 (May 21 high)

The British Pound turned lower against the US Dollar after a retest of rising trend line support-turned-resistance set from mid-November 2013. Initial support lines up at an “axis” line set from mid-February, now at 1.6688. A break below this barrier on a daily closing basis exposes a falling channel bottom at 1.6627. Alternatively, a reversal above the channel top (1.6819) opens the door for another challenge of the trend line, now at 1.6862.

We continue to look for an actionable selling opportunity but prices are too close to support to justify entering a position at current levels from a risk/reward perspective. We will continue to stand aside for now, waiting for a better opportunity to present itself.

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GBP/USD Technical Analysis – Resistance Below 1.69 Holds Up

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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