GBP/USD Technical Analysis: Bound Slips on Test Above 1.50
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- GBP/USD Technical Strategy: Flat
- Support: 1.4820, 1.4675, 1.4559
- Resistance: 1.4990, 1.5058, 1.5175
The British Pound stalled after rebounding as expected against the US Dollar as prices failed to hold above the 1.50 figure yet again. Near-term resistance is in the 1.4942-90 area (38.2% Fibonacci retracement, horizontal pivot), with a break above that on a daily closing basis exposing the 50% level at 1.5058. Alternatively, a move below the 23.6% Fib expansion at 1.4820 opens the door for a challenge of the 38.2% threshold at 1.4675.
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