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GBP/USD Technical Analysis: Oscillating Below 1.49 Level

GBP/USD Technical Analysis: Oscillating Below 1.49 Level

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The British Pound continues to consolidate losses against the US Dollar having declined as expected after showing a Bearish Engulfing candlestick pattern. Near-term support is at 1.4696, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposes the 50% level at 1.4431. Alternatively, a turn above support-turned-resistance at 1.4830 – a double bottom established between March and July 2013 – opens the door for a challenge of the 1.4950-1.5023 area (January 23 low, 23.6% Fib).

We sold GBPUSD at 1.4926, initially targeting 1.4696. A stop-loss will be activated on a daily close above 1.5136. We will take profit on half of the trade and move the stop-loss to the breakeven level once the first target 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.

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