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GBP/USD Technical Analysis: Selloff Pauses Below 1.65 Figure

GBP/USD Technical Analysis: Selloff Pauses Below 1.65 Figure

2014-09-04 03:52:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6459-79, 1.6378, 1.6296
  • Resistance:1.6542, 1.6576, 1.6643

The British Pound has paused to consolidate losses after sinking below the 1.65 figure against the US Dollar. A daily close below the 1.6459-79 area marked by the March 24 swing low and the 23.6% Fibonacci expansion exposes the 38.2% level at 1.6378. Alternatively, a turn above the 14.6% Fib at 1.6542 opens the door for a test of falling trend line resistance at 1.6576.

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 suggests taking up the long side is premature. With that in mind we will remain flat for now.

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GBP/USD Technical Analysis: Selloff Pauses Below 1.65 Figure

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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