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GBP/USD Technical Analysis: Sellers Target 6-Month Support

GBP/USD Technical Analysis: Sellers Target 6-Month Support

2014-07-30 00:46:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6909, 1.6832, 1.6721
  • Resistance:1.6969, 1.7053, 1.7176

The British Pound renewed its push lower against the US Dollar having reversed downward as expected after putting in a Hanging Man candle with negative RSI divergence. A daily close below support at a rising trend line set from early February, now at 1.6909, exposes the 38.2% Fibonacci retracement at 1.6832.Alternatively, a bounce above the 23.6% level at 1.6969 clears the way for a challenge of the 14.6% Fib at 1.7053.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.

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GBP/USD Technical Analysis: Sellers Target 6-Month Support

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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