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GBP/USD Technical Analysis: Long Trade Remains in Play

GBP/USD Technical Analysis: Long Trade Remains in Play

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Long at 1.5373
  • Support: 1.5322, 1.5194, 1.4950
  • Resistance: 1.5551, 1.5737, 1.5923

The British Pound continues to digest gains below the 1.55 figure having hit a two-month high against the US Dollar. A daily close above the 38.2% Fibonacci retracement at 1.5551 exposes the 50% level at 1.5737. Alternatively, a reversal below the 23.6% Fib at 1.5322 clears the way for a test of 1.5194, the intersection of channel top resistance-turned-support and a horizontal pivot.

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!

GBP/USD Technical Analysis: Long Trade Remains in Play

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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