GBP/USD Technical Analysis: Range Resistance Holds Again
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- GBP/USD Technical Strategy: Flat
- Support: 1.4825, 1.4706, 1.4597
- Resistance: 1.4984, 1.5093, 1.5201
The British Pound turned lower after a test of now-familiar range resistance below the 1.50 figure against the US Dollar. A daily close below pivot support at 1.4825 exposes the 50% Fibonacci expansionat 1.4706. Alternatively, a reversal above the 1.4950-84 area (January 23 low, 38.2% Fib retracement)clears the way for a test ofthe 50% level at 1.5093.
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.