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GBP/USD Technical Analysis: Pound Recovery in the Cards?

GBP/USD Technical Analysis: Pound Recovery in the Cards?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5591, 1.5447, 1.5213
  • Resistance: 1.5819, 1.5963, 1.6198

The British Pound remains in consolidation mode, with positive RSI divergence hinting a bounce against the US Dollar may be ahead. A daily close above the 14.6% Fibonacci retracementat 1.5819 exposes the 23.6% level at 1.5963. Alternatively, a turn below the 14.6% Fib expansion at 1.5591 clears the way for a test of the 23.6% threshold at 1.5447.

RSI divergence is not a sufficient trade signal in its own right and further confirmation is needed before an actionable opportunity emerges. With that in mind, we will continue to monitor developments from the sidelines for the time being.

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

GBP/USD Technical Analysis: Pound Recovery in the Cards?

Daily Chart - Created Using FXCM Marketscope

--- 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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