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GBP/USD Technical Analysis: Pound Long Trade Now Active

GBP/USD Technical Analysis: Pound Long Trade Now Active

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Long at 1.5373
  • Support: 1.5287, 1.5194, 1.4980
  • Resistance: 1.5551, 1.5737, 1.5923

The British Pound looks poised to advance against the US Dollar after taking out resistance marked by the top of a channel in play since mid-September. Near-term resistance is at 1.5551, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1.5737. Alternatively, a turn below channel top resistance-turned-support at 1.5287 opens the door for a challenge of a horizontal pivot at 1.5194.

Our entry order to get long GBPUSD at 1.5373 was triggered last week. The initial objective is 1.5551, with a stop-loss to be activated on a daily close below 1.5194. We will take profit on half of the position and move the stop to breakeven once the first target is reached.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

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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