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GBP/USD Technical Analysis: Digesting After Upside Breakout

GBP/USD Technical Analysis: Digesting After Upside Breakout

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Long at 1.5373
  • Support: 1.5322, 1.5194, 1.4980
  • Resistance: 1.5551, 1.5737, 1.5923

The British Pound is digesting gains against the US Dollar after overturning the down trend 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 the 23.6% Fib at 1.5322 opens the door for a challenge of a horizontal pivot at 1.5194.

We bought GBPUSD at 1.5373, initially aiming for 1.5551. A stop-loss will 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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