GBP/USD Technical Analysis: Fighting Resistance Sub-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 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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com