GBP/USD Technical Analysis: Waiting for Breakout Trigger
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- GBP/USD Technical Strategy: Flat
- Support: 1.5025, 1.4903, 1.4805
- Resistance: 1.5100, 1.5182, 1.5269
The British Pound continues to wait for direction as prices languish in digestion mode below the 1.53 figure against the US Dollar. A daily close above the 14.6% Fibonacci expansion at 1.5100 exposes channel top resistance at 1.5182. Alternatively, a turn below the 23.6% level at 1.5025 opens the door for a challenge of 1.4903, the intersection of the 38.2% Fib and the channel floor.
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