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GBP/USD Technical Analysis: Passing on Long Trade Setup

GBP/USD Technical Analysis: Passing on Long Trade Setup

2014-09-16 01:09:00
Ilya Spivak, Sr. Currency Strategist
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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 moved higher against the US Dollar as expected, reclaiming a foothold above the 1.62 figure. A daily close above the 23.6% Fibonacci retracementat 1.6320 exposes the 1.6459-86 area marked by the March 24 low, a falling trend line and the 38.2% level. Alternatively, a turn below 14.6% Fib at 1.6217 opens the door for at test of the September 10 low at 1.6051.

An argument in favor of a long trade can be made from a technical perspective but the looming Scottish Independence referendum injects an uncomfortable degree of event risk for such a trade. With that in mind, we will remain flat for the time being.

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GBP/USD Technical Analysis: Passing on Long Trade Setup

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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