GBP/USD Technical Analysis: Selloff Extends for Fifth Day
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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 remains under pressure against the US Dollar, with prices extending the latest leg of the selloff for a fifth consecutive day. A daily close below the 50% Fibonacci expansionat 1.5576 exposes the 61.8% level at 1.5490. Alternatively, a turn above the 38.2% Fib at 1.5663 clears the way for a test of the 23.6% expansion at 1.5770.
Prices are wedged too tightly between near-term up- and down-side technical barriers to justify taking 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