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