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GBP/USD Technical Analysis: Waiting to Confirm Topping

GBP/USD Technical Analysis: Waiting to Confirm Topping

2014-07-16 23:42:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.7073, 1.7000, 1.6941
  • Resistance:1.7173, 1.7243, 1.7301

The British Pound may be topping against the US Dollar after prices produced a Hanging Man candlestick reinforced with negative RSI divergence. Near-term support is at 1.7073, the 23.6% Fibonacci retracement. A daily close below that targets the 38.2% level at 1.7000. Alternatively, a break above the 23.6% Fib expansion at 1.7173 clears the way for a challenge of the 38.2% threshold at 1.7243.

Overall positioning remains inconclusive. Bearish reversal cues remain intact, arguing against taking up the long side. However, downside follow-through is yet to materialize, hinting that entering short is premature. We will continue to stand aside for now, waiting for an actionable trading opportunity to present itself.

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GBP/USD Technical Analysis: Waiting to Confirm Topping

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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