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GBP/USD Technical Analysis: Support Now Below 1.52 Mark

GBP/USD Technical Analysis: Support Now Below 1.52 Mark

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, 1.5471, 1.5551

The British Pound moved lower against the US Dollar as expected after putting in a Bearish Engulfing candlestick pattern. Near-term support is at 1.5180, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing falling channel top resistance-turned-support at 1.5081. Alternatively, a turn above the 14.6% level at 1.5322 opens the door for a challenge of rising channel floor support-turned-resistance at 1.5471.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/USD Technical Analysis: Support Now Below 1.52 Mark

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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