GBP/USD Technical Analysis: Resistance Sub-1.58 in Focus
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- GBP/USD Technical Strategy: Flat
- Support: 1.5672, 1.5540, 1.5440
- Resistance: 1.5781, 1.5930, 1.6171
The British Pound moved higher against the US Dollar as expected after prices completed a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.5781, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1.5930. Alternatively, a turn below falling trend line resistance-turned-support at 1.5672 opens the door for a challenge of the December 8 low at 1.5540.
An actionable trade setup is absent for the time being. We will stand aside, waiting for the pair to produce a better-defined long or short trade opportunity.
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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.