GBP/USD Technical Analysis – Oscillating Around 1.70 Mark
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- GBP/USD Technical Strategy: Flat
- Support:1.6996-1.7005, 1.6951, 1.6921
- Resistance: 1.7039, 1.7062, 1.7093
The British Pound continues oscillate around the 1.70 figure as the currency digests its latest upswing against the US Dollar. Near-term resistance is in the 1.7039-62 area, marked by the 23.6% Fibonacci expansion and the June 19 high. A break above that on a daily closing basis exposes the 38.2% level at 1.7093. Alternatively, a move below the 1.6996-1.7005 zone bracketed by the 14.6% Fib and the May 6 high clears the way for a test of the June 25 low at 1.6951.
The available trading range is too narrow to justify taking a trade on the long or short side from a risk/reward perspective. 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.