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GBP/USD Technical Analysis: Fighting Resistance Sub-1.50

GBP/USD Technical Analysis: Fighting Resistance Sub-1.50

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.4820, 1.4675, 1.4559
  • Resistance: 1.4990, 1.5058, 1.5175

The British Pound continues to struggle at resistance below the 1.50 figure having recovered as expected against the US Dollar. A daily close above the 1.4942-90 area (38.2% Fibonacci retracement, horizontal pivot) exposes the 50% level at 1.5058. Alternatively, a turn below the 23.6% Fib expansion at 1.4820 clears the way for a test of the 38.2% threshold at 1.4675.

While entering short may be tempting, we will opt to stand aside for now. Longer-term positioning hints at a larger rebound in the cards and we will wait for that materialize and yield a more compelling entry opportunity before selling the pair.

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GBP/USD Technical Analysis: Fighting Resistance Sub-1.50

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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