GBP/USD Technical Analysis – Support Met Above 1.69 Mark
To receive Ilya's analysis directly via email, please SIGN UP HERE
- GBP/USD Technical Strategy: Flat
- Support:1.6961-96, 1.6859, 1.6745
- Resistance:1.7062, 1.7128, 1.7263
The British Pound took a step back against the US Dollar having found resistance above the 1.70 figure. Prices are testing resistance-turned-support in the 1.6961-96 area, marked by the 23.6% Fibonacci expansion and the May 6 high. A daily close below this barrier exposes the 14.6% level at 1.6859. Alternatively, a renewed push higher that takes the pair above the June 19 high at 1.7062 will look to challenge the 38.2% Fib at 1.7128.
Prices are too close to support to justify entering short from a risk/reward perspective. Alternatively, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now, waiting for an actionable opportunity to present itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.