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GBP/USD Technical Analysis: Pound Recovery Hinted Ahead

GBP/USD Technical Analysis: Pound Recovery Hinted Ahead

2014-12-09 02:29:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5540, 1.5447, 1.5213
  • Resistance: 1.5731, 1.5825, 1.5930

The British Pound may be carving out a bottom against the US Dollar marked by the appearance of a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.5731, a falling trend line set from mid-July, with a break above that on a daily closing basis exposing the November 27 high at 1.5825. Alternatively, a turn below the December 8 low at 1.5540 opens the door for a challenge of the 23.6% Fibonacci expansion at 1.5447.

It seems premature to enter long absent confirmation of reversal on a break of trend line resistance. With that in mind, we will remain on the sidelines for now until an actionable opportunity presents itself.

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GBP/USD Technical Analysis: Pound Recovery Hinted Ahead

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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