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GBP/USD Technical Analysis: Pound Drifts to 1-Month Low

GBP/USD Technical Analysis: Pound Drifts to 1-Month Low

2014-07-24 03:19:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.7026, 1.6988, 1.6929
  • Resistance:1.7060, 1.7113, 1.7176

The British Pound continues to drift downward against US Dollar as expected after the pair showed a Hanging Man candlestick reinforced by negative RSI divergence. Near-term support is at 1.7026, marked by the bottom of a falling channel in play since the beginning of this month. A daily close below that targets the 38.2% Fibonacci retracement at 1.6988. Alternatively, a reversal back above the 23.6% level at 1.7060 opens the door for a move to the channel top at 1.7113, followed by the July 2 high at 1.7176.

Prices are wedged too closely between near-term support and resistance levels to justify entering a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable opportunity to present itself.

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GBP/USD Technical Analysis: Pound Drifts to 1-Month Low

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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