GBP/USD Technical Analysis: Range Bottom Back in Play
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- GBP/USD Technical Strategy: Flat
- Support: 1.4706, 1.4597, 1.4463
- Resistance: 1.4825, 1.4984, 1.5093
The British Pound appears poised to test familiar range support near the 1.47 figure against the US Dollar. A daily close below the 50% Fibonacci expansionat 1.4706 exposes the 61.8% level at 1.4597. Alternatively, a reversal above pivot support-turned-resistance at 1.4825 clears the way for a test ofthe 1.4950-84 area (January 23 low, 38.2% Fib retracement)
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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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.