GBP/USD Technical Analysis: Waiting to Confirm Bullish Cues
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- GBP/USD Technical Strategy: Flat
- Support: 1.5591, 1.5447, 1.5213
- Resistance: 1.5819, 1.5963, 1.6198
The British Pound continues to tread water but positive RSI divergence is still warning that a bounce against the US Dollar may be in the cards. Near-term support is at 1.5591, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 1.5447. Alternatively, a reversal above the 14.6% Fib retracement at 1.5823 opens the door for a challenge of the 23.6% threshold at 1.5967.
A clear-cut trading signal is absent at this point, arguing against taking up the long or short side for the time being. We will continue to stand aside, waiting for an actionable opportunity present itself.
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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.