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GBP/USD Technical Analysis: Range Resistance Holds Again

GBP/USD Technical Analysis: Range Resistance Holds Again

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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.

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

GBP/USD Technical Analysis: Range Resistance Holds Again

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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