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GBP/USD Technical Analysis: Eyeing Resistance Above 1.63

GBP/USD Technical Analysis: Eyeing Resistance Above 1.63

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6217, 1.6051, 1.5950
  • Resistance:1.6320, 1.6486, 1.6621

The British Pound rebounded against the US Dollar as expected, securing four consecutive days of gains. Near-term resistance is at 1.6320, 23.6% Fibonacci retracement. A break above that on a daily closing basis exposes the 1.6459-86 area marked by the March 24 low, a falling trend line and the 38.2% level. Alternatively, a reversal below 14.6% Fib at 1.6217 clears the way for a challenge of the September 10 low at 1.6051.

The looming Scottish Independence referendum injects an uncomfortable degree of event risk in taking a long or short Pound position at current levels. With that in mind, we will remain on the sidelines and wait for attractive opportunities to emerge after the news-flow docket clears up somewhat.

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GBP/USD Technical Analysis: Eyeing Resistance Above 1.63

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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