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GBP/USD Technical Analysis: Passing on Short Trade for Now

GBP/USD Technical Analysis: Passing on Short Trade for Now

Ilya Spivak, Head Strategist, APAC

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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 continues to push toward the 1.50 figure against the US Dollar, with prices falling for a fifth consecutive day. Near-term support is at 1.5034, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 1.4802. Alternatively, a reversal back above the 61.8% Fib at 1.5177 clears the way for a test of the 50% expansion at 1.5293.

A short position seems tempting from a purely technical perspective. However, we are leery of chasing the US Dollar higher at current levels, particularly with key event risk by way of the US Employment report looming ahead. With that in mind, we will tactically opt to remain flat and wait for a bounce to yield a selling opportunity.

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GBP/USD Technical Analysis: Passing on Short Trade for Now

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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