GBP/USD Technical Analysis: Seesaw Below 1.50 Continues
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- GBP/USD Technical Strategy: Flat
- Support: 1.4706, 1.4597, 1.4463
- Resistance: 1.4984, 1.5093, 1.5201
The British Pound continues to seesaw in a volatile range below the 1.50 figure against the US Dollar. A daily close below the 50% Fibonacci expansionat 1.4706 exposes the 61.8% level at 1.4597. Alternatively, a move above the 1.4950-84 area (January 23 low, 38.2% Fib retracement) clears the way for a test of the 50% barrier at 1.5093.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short 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.