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GBP/USD Technical Analysis: Bottom Set Below 1.51 Figure?

GBP/USD Technical Analysis: Bottom Set Below 1.51 Figure?

2015-01-12 04:53:00
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 may have set a bottom against the US Dollar having completed a bullish Morning Star candlestick pattern. Near-term resistance is at 1.5177, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 1.5293. Alternatively, a reversal below the 76.4% Fib at 1.5034 clears the way for a test of the 100% expansion at 1.4802.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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GBP/USD Technical Analysis: Bottom Set Below 1.51 Figure?

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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