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GBP/USD Technical Analysis: Prices Retreat to Range Bottom

GBP/USD Technical Analysis: Prices Retreat to Range Bottom

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5553, 1.5409, 1.5293
  • Resistance: 1.5641, 1.5772, 1.5916

The British Pound slumped back to the bottom of its now-familiar range after issuing the largest daily decline in two months. A daily close below the 23.6% Fibonacci expansionat 1.5553 exposes the 38.2% level at 1.5409. Alternatively, a turn above the 14.6% expansion at 1.5641 clears the way for a test of the 23.6% Fib retracement at 1.5772.

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

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

GBP/USD Technical Analysis: Prices Retreat to Range Bottom

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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