GBP/USD Technical Analysis: Selloff Loses Steam at 1.55
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- GBP/USD Technical Strategy: Flat
- Support: 1.5505, 1.5409, 1.5293
- Resistance: 1.5553, 1.5756, 1.5873
The British Pound has stalled having declined to prove below the 1.55 figure against the US Dollar. Near-term support is at 1.5496, marked by a falling channel floor, with a break beneath that on a daily closing basis exposing the 38.2% Fibonacci retracement at 1.5409. Alternatively, a reversal above the 23.6% Fib expansion at 1.5553 opens the door for a challenge of channel top resistance at 1.5756.
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.