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GBP/USD Technical Analysis: Opting Against Entering Short

GBP/USD Technical Analysis: Opting Against Entering Short

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5950, 1.5786, 1.5685
  • Resistance:1.6113, 1.6215, 1.6296

The British Pound plunged to the lowest level in close to 10 months against the US Dollar amid Scottish Independence referendum jitters. Near-term support is at 1.5950, the 100% Fibonacci expansion, with a break below that on a daily closing basis exposing the 123.6% level at 1.5786. Alternatively, a reversal above the 76.4% Fib at 1.6113 clears the way for a challenge of the 61.8% expansion at 1.6215.

While entering short is tempting, the proximity of high-profile commentary from BOE officials warns a sharp recovery may materialize as Scotland-inspired selling gives way to rate hike speculation if hawkish cues emerging in Augusts’ MPC meeting minutes are sustained. With that in mind, we will stand aside.

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

GBP/USD Technical Analysis: Opting Against Entering Short

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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