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GBP/USD Technical Analysis: Digesting Losses Above 1.50

GBP/USD Technical Analysis: Digesting Losses Above 1.50

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.4950, 1.4696, 1.4431
  • Resistance: 1.5224, 1.5551, 1.5653

The British Pound is digesting losses having turned lower against the US Dollar as expected following the appearance of a Bearish Engulfing candlestick pattern. A daily close below the January 23 low at 1.4950 exposes the 38.2% Fibonacci expansion at 1.4696. Alternatively, a reversal above the 14.6% level at 1.5224 clears the way for a test of February 26 high at 1.5551.

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.

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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.

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