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GBP/USD Technical Analysis – Resistance Now Just Below 1.72

GBP/USD Technical Analysis – Resistance Now Just Below 1.72

2014-07-02 00:56:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.7136, 1.7093, 1.7039
  • Resistance:1.7180, 1.7234, 1.7322

The British Pound continues to push higher against the US Dollar, with prices rising to levels unseen since October 2008. A daily close above resistance at 1.7180, the 61.8% Fibonacci expansion, exposes the 76.4% level at 1.7234. Alternatively, a reversal back below the 50% Fib at 1.7136 clears the way for a challenge of the 38.2% expansion at 1.7093.

At 44 pips, the available range between near-term support and resistance looks too narrow to justify a trade on the long or short side from a risk/reward perspective (given a 20-day ATR reading of 69 pips). With that in mind, we will remain flat for now and wait for a more actionable setup to present itself.

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GBP/USD Technical Analysis – Resistance Now Just Below 1.72

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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