GBP/USD Technical Analysis: Locked in Familiar Range
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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 stalled after turning lower from range resistance below the 1.50 figure against the US Dollar. Near-term pivot support is at 1.4825, with a break below that on a daily closing basis exposing the 50% Fibonacci expansionat 1.4706. Alternatively, a turn above the 1.4950-84 area (January 23 low, 38.2% Fib retracement)opens the door for a challenge ofthe 50% level at 1.5093.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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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.