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GBP/USD Technical Analysis: Pound Attempts a Bounce

GBP/USD Technical Analysis: Pound Attempts a Bounce

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.4981, 1.4892, 1.4804
  • Resistance: 1.5091, 1.5159, 1.5268

The British Pound is attempting to launch a recovery against the US Dollar having found interim support below the 1.50 figure. Near-term resistance is at 1.5091, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 14.6% level at 1.5159. Alternatively, a reversal below the 38.2% Fib at 1.4981 clears the way for a test of the 50% expansion at 1.4892.

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.

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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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