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Bank of England Tapers QE Purchases, leaves Bank Rate & APF Target Unchanged

GBP/USD Technical Analysis: Treading Water Below 1.50

GBP/USD Technical Analysis: Treading Water Below 1.50

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 continues to consolidate after recoiling from 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.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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

GBP/USD Technical Analysis: Treading Water Below 1.50

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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