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GBP/USD Technical Analysis: Range Floor Under Pressure

GBP/USD Technical Analysis: Range Floor Under Pressure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.4706, 1.4597, 1.4463
  • Resistance: 1.4814, 1.4990, 1.5160

The British Pound may be resuming its down trend against the US Dollar after breaking below rising trend support. A daily close below the 50% Fibonacci expansion at 1.4706 exposes the 61.8% level at 1.4597. Alternatively, a reversal above trend line support-turned-resistance at 1.4814 clears the way for a test of range top resistance at 1.4990.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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GBP/USD Technical Analysis: Range Floor Under Pressure

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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