GBP/USD Technical Analysis: Familiar Range Still in Play
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- GBP/USD Technical Strategy: Flat
- Support: 1.5100, 1.5026, 1.4904
- Resistance: 1.5195, 1.5269, 1.5368
The British Pound continues to consolidate in a choppy range below the 1.53 figure against the US Dollar. Near-term support is at 1.5100, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 1.5026. Alternatively, a reversal above channel top resistance at 1.5195 clears the way for a test of the 38.2% Fib retracement at 1.5269.
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