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GBP/USD Technical Analysis: Buyers Retake 1.60 Figure

GBP/USD Technical Analysis: Buyers Retake 1.60 Figure

2014-10-07 00:13:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Short at 1.6233
  • Support: 1.5954, 1.5819, 1.5653
  • Resistance: 1.6088, 1.6255, 1.6486

The British Pound corrected sharply higher against the US Dollar, with a bullish Piercing Line candle pattern hinting at further gains ahead. Near-term resistance is at 1.6088, the 38.2%Fibonacci expansion, with a break above that on a daily closing basis exposing the intersection of the 23.6% expansion and a falling trend line set from mid-July at 1.6255. Alternatively, a turn below the 50% Fib at 1.5954 clears the way for a challenge of the 61.8% expansion at 1.5819.

We sold GBPUSD at 1.6233 and have since taken profit on half of our exposure. The remainder of the trade is open to capture any further downside momentum. The stop-loss is now at the breakeven level (1.6233).

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GBP/USD Technical Analysis: Buyers Retake 1.60 Figure

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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