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Talking Points:
- GBP/USD Technical Strategy: Flat
- Support:1.7093, 1.7037, 1.7005
- Resistance:1.7136, 1.7180, 1.7234
The British Pound jumped to the highest level in nearly six years against the US Dollar, overcoming the 1.71 level. Buyers are now aiming to challenge the 50% Fibonacci expansion at 1.7136, with a break above that on a daily closing basis exposing the 61.8% level at 1.7180. Alternatively, a turn back below the 38.2% Fib at 1.7093 opens the door for a test of the 23.6% expansion at 1.7037.
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
