GBP/USD Technical Analysis: Treading Water Below 1.50
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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 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.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com