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GBP/USD Technical Analysis: Waiting to Short on Upswing

GBP/USD Technical Analysis: Waiting to Short on Upswing

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Pending Short
  • Support: 1.6743, 1.6699, 1.6654
  • Resistance:1.6798, 1.6833, 1.6888

The British Pound moved lower against the US Dollar as expected after putting in a Hanging Man candlestick with negative RSI divergence. Near-term support is at 1.6743, 38.2% Fibonacci expansion. A daily close below that initially exposes the 50% level at 1.6699. Positive RSI divergence warns of ebbing bearish momentum and hints at an on-coming recovery however. A reversal above the 23.6% Fib at 1.6798 clears the way for a challenge of the 14.6% expansion at 1.6833.

We are opting to stand aside. Long-term charts reveal sellers face a 5-year support line at 1.6745. This coupled with RSI divergence and our fundamental outlook argues against chasing prices lower. We will remain flat, waiting for a bounce to yield a short entry setup.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/USD Technical Analysis: Waiting to Short on Upswing

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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