To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- GBP/USD Technical Strategy: Flat
- Support: 1.6215, 1.6113, 1.5950
- Resistance:1.6296, 1.6378, 1.6459
The British Pound is sinking yet again, plunging to the weakest level against the US Dollar since November 2013. A daily close below the 61.8% Fibonacci expansion at 1.6215 exposes the 76.4% level at 1.6113. Alternatively, a reversal above the 50% Fib at 1.6296 opens the door for a test of the 38.2% expansion at 1.6378.
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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!

Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com