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GBP/USD Technical Analysis: Opting Against Short Position

GBP/USD Technical Analysis: Opting Against Short Position

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5034, 1.4802, 1.4570
  • Resistance: 1.5177, 1.5293, 1.5409

The British Pound is aiming below the 1.51 figure against the US Dollar after clearing yet another level of chart support. A daily close below the 76.4% Fibonacci expansion at 1.5034 exposes the 100% level at 1.4802. Alternatively, a turn back above the 61.8% Fib at 1.5177 clears the way for a test of the 50% expansion at 1.5293.

While entering short is a tempting proposition from a purely technical perspective, we are leery of chasing the greenback higher here. Minutes from December’s pivotal FOMC meeting may encourage markets to rethink of the rate hike timeline, a dynamic amplified by a softer Employment report. With that in mind, we will stand aside for now.

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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.

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