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GBP/USD Technical Analysis: Sellers Overcome 1.70 Figure

GBP/USD Technical Analysis: Sellers Overcome 1.70 Figure

2014-07-25 02:28:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6969, 1.6896, 1.6832
  • Resistance:1.7053-62, 1.7176, 1.7274

The British Pound dropped the lowest level in a month against the US Dollar having turned lower as expected after showing a Hanging Man candlestick with negative RSI divergence. A break below the 23.6% Fibonacci retracement at 1.6969 on a daily closing basis initially exposes a rising trend line set from early February, now at 1.6896. Resistance is in the 1.7053-62 area, marked by the 14.6% Fib and the June 19 high. A reversal above that opens the door for a test of 1.7176, the July 2 top.

Risk/reward considerations argue against entering short with prices trading in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

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GBP/USD Technical Analysis: Sellers Overcome 1.70 Figure

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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