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GBP/USD Technical Analysis: Clinging to Support Below 1.70

GBP/USD Technical Analysis: Clinging to Support Below 1.70

2014-07-28 21:58:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6969, 1.6905, 1.6832
  • Resistance:1.7053, 1.7176, 1.7319

The British Pound is digesting last week’s losses having turned lower as expected against the US Dollar after showing a Hanging Man candle with negative RSI divergence. Near-term support is at 1.6969, the 23.6% Fibonacci retracement. A break below that on a daily closing basis exposes a rising trend line set from early February, now at 1.6905. Alternatively, a reversal above the 14.6% Fibat 1.7053 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: Clinging to Support Below 1.70

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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