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GBP/USD Technical Analysis: Candle Setup Hints at Upswing

GBP/USD Technical Analysis: Candle Setup Hints at Upswing

2014-11-21 00:31:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5533, 1.5280, 1.5285
  • Resistance: 1.5725, 1.5809, 1.5945

The British Pound may be preparing to correct higher against the US Dollar after prices produced a bullish Morning Star candlestick pattern. A daily close above the 14.6% Fibonacci retracementat 1.5725 exposes the 23.6% level at 1.5809. Alternatively, a turn below the 1.5533-87 area marked by the November 19 low and the 100% Fib expansion clears the way for a test of the 123.6% threshold at 1.5380.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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GBP/USD Technical Analysis: Candle Setup Hints at Upswing

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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