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GBP/USD Technical Analysis: Gains Capped at Channel Top

GBP/USD Technical Analysis: Gains Capped at Channel Top

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5100, 1.5026, 1.4904
  • Resistance: 1.5190, 1.5269, 1.5368

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 below the 14.6% Fibonacci expansion at 1.5100 exposes the 23.6% level at 1.5026. Alternatively, a push above channel top resistance at 1.5190 opens the door for a challenge 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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GBP/USD Technical Analysis: Gains Capped at Channel Top

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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