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GBP/USD Technical Analysis: Bearish Reversal Risk Remains

GBP/USD Technical Analysis: Bearish Reversal Risk Remains

2014-07-18 02:38:00
Ilya Spivak, Head Strategist, APAC
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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 carving out a top against the US Dollar as prices show a Hanging Man candlestick coupled with negative RSI divergence. A break below the 23.6% Fibonacci retracement at 1.7073 on a daily closing basis initially exposes the 38.2% level at 1.7000. Alternatively, a reversal above the 23.6% Fib expansion at 1.7173 opens the door for a test of the 38.2% threshold at 1.7243.

Current positioning looks inconclusive. On one hand, bearish reversal cues remain intact, arguing against taking up the long side. On the other, downside follow-through has yet to materialize in a meaningful way. We will remain on the sidelines for now, waiting for greater clarity to emerge.

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GBP/USD Technical Analysis: Bearish Reversal Risk Remains

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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