Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD Technical Analysis: Pound Losing Streak Continues

GBP/USD Technical Analysis: Pound Losing Streak Continues

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • 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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/USD Technical Analysis: Pound Losing Streak Continues

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.

DISCLOSURES