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Talking Points:
- GBP/USD Technical Strategy: Flat
- Support: 1.5147, 1.5072, 1.4950
- Resistance: 1.5269, 1.5368, 1.5466
The British Pound put in the largest daily advance in 14 months against the US Dollar, with prices now aiming above the 1.52 figure. A daily close above the 38.2% Fibonacci retracement at 1.5269 exposes the 50% level at 1.5368. Alternatively, a turn below the 23.6% Fib at 1.5147 opens the door for a challenge of the 14.6% retracement at 1.5072.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
