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GBP/USD Technical Analysis: Waiting to Enter Short Trade

GBP/USD Technical Analysis: Waiting to Enter Short Trade

2015-03-04 23:57:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5180, 1.5094, 1.4950
  • Resistance: 1.5322, 1.5455, 1.5551

The British Pound broke downward against the US Dollar as expected after putting in a Bearish Engulfing candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 1.5180 exposes falling channel top resistance-turned-support at 1.5094. Alternatively, a reversal above the 14.6% level at 1.5322 clears the way for a test of rising channel floor support-turned-resistance at 1.5455.

While entering short seems compelling from a purely technical perspective, we will tactically opt to stand aside for now. The upcoming US Employment report represents major event risk for USD-based pairs that may derail technical positioning. With that in mind, we will wait for event risk to pass before establishing new exposure.

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GBP/USD Technical Analysis: Waiting to Enter Short Trade

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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