GBP/USD Technical Analysis: Nearing Long Trade Target
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- 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 has resumed its upward push against the US Dollar, with prices approaching the first target of our long position. 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.
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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.