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GBP/USD Technical Analysis: Sideways Consolidation Continues

GBP/USD Technical Analysis: Sideways Consolidation Continues

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 near the middle of the range containing price action against the US Dollar since mid-March. A daily close abovethe 1.4950-84 area (January 23 low, 38.2% Fibonacci retracement) exposes the 50% level at 1.5093. Alternatively, a reversal back below pivot resistance-turned-support at 1.4825 clears the way for a test 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.

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