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GBP/USD Technical Analysis: Signs of Turn Lower Emerge

GBP/USD Technical Analysis: Signs of Turn Lower Emerge

2014-07-08 23:29:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.7108, 1.7064, 1.6993
  • Resistance:1.7180, 1.7234, 1.7322

The British Pound may be topping against the US Dollar after prices produced a Hanging Man candlestick coupled with negative RSI divergence. Near-term support is at 1.7108, the 14.6% Fibonacci retracement. A daily close below that targets the 23.6% level at 1.7064. Alternatively, a turn above the 61.8% Fib expansion at 1.7180 clears the way for a challenge of the 76.4% threshold at 1.7234.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.

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GBP/USD Technical Analysis: Signs of Turn Lower Emerge

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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