GBP/USD Technical Analysis: Treading Water Above 1.55
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- GBP/USD Technical Strategy: Flat
- Support: 1.5553, 1.5409, 1.5293
- Resistance: 1.5772, 1.5916, 1.6032
The British Pound remains locked in a choppy trading range above the 1.55 figure against the US Dollar. A daily close above the 23.6% Fibonacci retracement at 1.5772 exposes the 38.2% level at 1.5916. Alternatively, a turn below the 23.6% Fib expansion at 1.5553 clears the way for a test of the 38.2% threshold at 1.5409.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com