GBP/USD Technical Analysis: Pound Reversal in the Cards?
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- GBP/USD Technical Strategy: Flat
- Support: 1.5034, 1.4802, 1.4570
- Resistance: 1.5177, 1.5293, 1.5409
The British Pound fell for a fifth consecutive day against the US Dollar but the appearance of a Hammer candlestick hints a rebound may be brewing ahead. A daily close above the 61.8% Fibonacci expansion at 1.5177 exposes the 50% level at 1.5293. Alternatively, a push below above the 76.4% Fib at 1.5034 clears the way for a test of the 100% expansion at 1.4802.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.