GBP/USD Technical Analysis: Buyers Rejected Below 1.50

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Talking Points:

• GBP/USD Technical Strategy: Flat
• Support: 1.4805, 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 rising trend line support at 1.4805 opens the door for a challenge of the 50% Fib expansion at 1.4706.

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