GBP/USD Technical Analysis: Pound Losing Streak Continues
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- GBP/USD Technical Strategy: Flat
- Support: 1.5576, 1.5490, 1.5382
- Resistance: 1.5663, 1.5770, 1.5837
The British Pound continues to sink against the US Dollar, with prices down for a fourth consecutive day. Near-term support is at 1.5576, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 1.5490. Alternatively, a reversal above the 38.2% Fib at 1.5663 opens the door for a challenge of the 23.6% expansion at 1.5770.
The available trading range is too narrow to allow for a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for the time being, waiting for a more compelling 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.