GBP/USD Technical Analysis: Eyeing Support Below 1.52
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- GBP/USD Technical Strategy: Flat
- Support: 1.5177, 1.5034, 1.4802
- Resistance: 1.5293, 1.5409, 1.5553
The British Pound remains under heavy pressure, sinking to the weakest level in 17 months against the US Dollar. Near-term support is at 1.5177, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 1.5034. Alternatively, a reversal back above the 50% Fib at 1.5293 clears the way for a test of the 50% expansion at 1.5409.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now and wait for a more actionable 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.