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GBP/USD Technical Analysis: Waiting for Breakout Trigger

GBP/USD Technical Analysis: Waiting for Breakout Trigger

2015-01-30 06:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • 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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GBP/USD Technical Analysis: Waiting for Breakout Trigger

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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