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GBP/USD Technical Analysis: Pound Reversal in the Cards?

GBP/USD Technical Analysis: Pound Reversal in the Cards?

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 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.

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