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GBP/USD Technical Analysis: Pound Aiming Above 1.55 Mark

GBP/USD Technical Analysis: Pound Aiming Above 1.55 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Long at 1.5373
  • Support: 1.5270, 1.5194, 1.4980
  • Resistance: 1.5551, 1.5737, 1.5923

The British Pound looks set to continue higher against the US Dollar having taken out resistance at the top of a falling channel in play since mid-September. A daily close above the 38.2% Fibonacci retracement at 1.5551 exposes the 50% level at 1.5737. Alternatively, a reversal below channel top resistance-turned-support at 1.5270 clears the way for a test of a horizontal pivot at 1.5194.

We entered long GBPUSD at 1.5373, initially targeting 1.5551. A stop-loss has been set to trigger on a daily close below 1.5194. We will book profit on half of the trade and move the stop to breakeven once the first objective is reached.

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

GBP/USD Technical Analysis: Pound Aiming Above 1.55 Mark

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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