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GBP/USD Technical Analysis: Bottom Confirmation Pending

GBP/USD Technical Analysis: Bottom Confirmation Pending

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6533, 1.6470, 1.6407
  • Resistance:1.6612-29, 1.6661, 1.6762

The British Pound may be ready to launch a recovery against the US Dollar after prices put in a bullish Piercing Line candlestick pattern. Near-term resistance is in the 1.6612-29 area, marked by the 14.6% Fibonacci retracement and a falling trend line set from mid-July. A break above that on a daily closing basis exposes the 23.6% level at 1.6661. Alternatively, a reversal below the 38.2% Fib expansion at 1.6533 clears the way for a challenge of the 50% threshold at 1.6470.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.

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GBP/USD Technical Analysis: Bottom Confirmation Pending

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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