GBP/USD Technical Analysis: Range-Bound Below 1.58
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- GBP/USD Technical Strategy: Flat
- Support: 1.5553, 1.5409, 1.5293
- Resistance: 1.5641, 1.5772, 1.5916
The British Pound continues to oscillate in a now-familiar choppy range below the 1.58 figure against the US Dollar. Near-term resistance is at 1.5772, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 1.5916. Alternatively, a reversal below the 14.6% Fib expansion at 1.5641 opens the door for a challenge of the 23.6% threshold at 1.5409.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to 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.