News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD Technical Analysis – Rally Extends for Fifth Day

GBP/USD Technical Analysis – Rally Extends for Fifth Day

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

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

The British Pound moved higher for the fifth consecutive day against the US Dollar as prices edge toward the 1.72 figure. Near-term resistance is at 1.7180, the 61.8% Fibonacci expansion, with break above that on a daily closing basis exposing the 76.4% level at 1.7234. Alternatively, a turn back below the 50% Fib at 1.7136 opens the door for a test 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 66 pips). With that in mind, we will remain flat for now and wait for a more actionable setup to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/USD Technical Analysis – Rally Extends for Fifth Day

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.

DISCLOSURES