GBP/USD Technical Analysis: Rejected Below 1.50 Again
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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 failed to breach the top of the range capping gains against the US Dollar since early March once again. Near-term resistance is in the 1.4950-84 area (January 23 low, 38.2% Fibonacci retracement), with a break above that on a daily closing basis exposing the 50% level at 1.5093. Alternatively, a turn below pivot resistance-turned-support at 1.4825 opens the door for a challenge of the 50% Fib expansion at 1.4706.
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.