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GBP/USD Technical Analysis: Pivotal Trend Line Under Fire

GBP/USD Technical Analysis: Pivotal Trend Line Under Fire

2014-07-30 21:40:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6914, 1.6832, 1.6721
  • Resistance:1.6969, 1.7053, 1.7176

The British Pound continues to edge downward against the US Dollar having marked a top as expected after showing a Hanging Man candle with negative RSI divergence. Near-term support is at a rising trend line set from early February, now at 1.6914. A break below that on a daily closing basis exposesthe 38.2% Fibonacci retracement at 1.6832.Alternatively, a reversal above the 23.6% level at 1.6969opens the door for a test ofthe 14.6% Fib at 1.7053.

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: Pivotal Trend Line Under Fire

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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