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GBP/USD Technical Analysis: Pound Ends 5-Day Loss Streak

GBP/USD Technical Analysis: Pound Ends 5-Day Loss Streak

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6058, 1.5950, 1.5786
  • Resistance:1.6224, 1.6325, 1.6491

The British Pound snapped a five-day losing streak against the US Dollar, with a Doji candle hinting a bounce may be ahead. A daily close above the 14.6% Fibonacci retracement at 1.6224 exposes the 23.6% level at 1.6325. Alternatively, a push below the September 9 low at 1.6058 opens the door for a test of the 100% Fib expansion at 1.5950.

A Doji is indicative of indecision and does not amount to an actionable long entry signal by itself absent further confirmation. We will remain on the sidelines for the time being, waiting for a more concrete trading opportunity to present itself.

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

GBP/USD Technical Analysis: Pound Ends 5-Day Loss Streak

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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