Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD Technical Analysis: Bottom Set Above 1.50 Level?

GBP/USD Technical Analysis: Bottom Set Above 1.50 Level?

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5034, 1.4802, 1.4570
  • Resistance: 1.5251, 1.5385, 1.5603

The British Pound is may have set a bottom against the US Dollar marked by the appearance of a bullish Morning Star candlestick pattern. Near-term resistance is at 1.5251, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1.5385. Alternatively, a reversal below the 76.4% Fib expansion at 1.5034 clears the way for a test of the 100% threshold at 1.4802.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

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.

DISCLOSURES