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GBP/USD Technical Analysis: Pound Touches 2-Week High

GBP/USD Technical Analysis: Pound Touches 2-Week High

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, with prices tapping a two-week high. Near-term resistance is at 1.6320, 23.6% Fibonacci retracement. A break above that on a daily closing basis exposes the 1.6431-86 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 uncertainty into the outlook, arguing taking long or short positions on the Pound for the time being. With that in mind, we will opt to stand aside.

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GBP/USD Technical Analysis: Pound Touches 2-Week High

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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