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GBP/USD Technical Analysis: Pound Begins Cautious Recovery

GBP/USD Technical Analysis: Pound Begins Cautious Recovery

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Pending Short
  • Support: 1.6676, 1.6625, 1.6573
  • Resistance:1.6739, 1.6778, 1.6842

The British Pound turned higher as expected against the US Dollar after producing a Hammer candlestick coupled with positive RSI divergence. Near-term resistance is at 1.6739, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 14.6% level at 1.6778. Alternatively, a turn below the 38.2% Fib at 1.6676 clears the way for a challenge of the 50% expansion at 1.6625.

Our bias is broadly bearish in line with a break of key trend line support in late July. With that in mind, we will stand aside for now and treat any on-coming gains as corrective, looking for an opportunity to enter short at a more attractive level.

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GBP/USD Technical Analysis: Pound Begins Cautious Recovery

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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