GBP/USD Technical Analysis – Pound in Digestion Mode
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- GBP/USD Technical Strategy: Flat
- Support:1.6961-96, 1.6859, 1.6745
- Resistance:1.7062, 1.7128, 1.7263
The British Pound is consolidating in a narrow range having found resistance above 1.70 to the US Dollar. Resistance-turned-support is seen in the 1.6961-96 area, marked by the 23.6% Fibonacci expansion and the May 6 high. A break below this barrier on a daily closing basis targets the 14.6% level at 1.6859. Alternatively, a push upward above the June 19 high at 1.7062 clears the way for a test of the 38.2% Fib at 1.7128.
An actionable trade signal is absent for the time being, arguing against taking up the long or the short side. We will continue to stand aside, waiting for a more attractive opportunity to present itself.
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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.