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GBP/USD Technical Analysis: Candle Setup Hints at Bounce

GBP/USD Technical Analysis: Candle Setup Hints at Bounce

2015-04-14 02:10:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.4597, 1.4463, 1.4247
  • Resistance: 1.4709, 1.4798, 1.4835

The British Pound may be carving out a bottom against the US Dollar after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 14.6% Fibonacci retracement at 1.4709 exposes the 23.6% level at 1.4798. Alternatively, a reversal below the 61.8% Fib expansion at 1.4597 clears the way for a test of the 76.4% threshold at 1.4463.

The dominant GBPUSD trend continues to favors the downside. With that in mind, we will treat any on-coming upswing as corrective and look for it to offer a selling opportunity. In the meantime, we will remain flat.

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GBP/USD Technical Analysis: Candle Setup Hints at Bounce

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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