GBP/USD Technical Analysis: Flat-Lining in 3-Week Range
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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 continues to consolidate near the middle of the range containing price action against the US Dollar for the last three weeks. Near-term support is at 1.4706, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 1.4597. Alternatively, a move back above pivot support-turned-resistance at 1.4825 opens the door for a challenge ofthe 1.4950-84 area (January 23 low, 38.2% Fib retracement).
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