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GBP/USD Technical Analysis: Push Above 1.55 Mark Expected

GBP/USD Technical Analysis: Push Above 1.55 Mark Expected

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 is attempting to resume its push upward against the US Dollar after finding resistance below the 1.55 figure. 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 1.5194, the intersection of channel top resistance-turned-support and a horizontal pivot.

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!

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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