GBP/USD Technical Analysis: Follow-Through Soft on Bounce
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- GBP/USD Technical Strategy: Flat
- Support: 1.5034, 1.4802, 1.4570
- Resistance: 1.5251, 1.5385, 1.5603
The British Pound is attempting to edge higher against the US Dollar as expected after producing a bullish Morning Star candlestick pattern. A daily close above the 14.6% Fibonacci retracement at 1.5251 exposes the 23.6% level at 1.5385. Alternatively, a turn below the 76.4% Fib expansion at 1.5034 opens the door for a challenge of the 100% threshold 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