GBP/USD Technical Analysis: Pound Stalls Below 1.52 Mark
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- GBP/USD Technical Strategy: Flat
- Support: 1.4942, 1.4798, 1.4709
- Resistance: 1.5058, 1.5175, 1.5319
The British Pound is working to extend its expected rebound against the US Dollar as prices grind against resistance below the 1.51 figure. A daily close above the 50% Fibonacci retracementat 1.5058 exposes the 61.8% level at 1.5175. Alternatively, a reversal below the 1.4942-78 area (38.2% Fib, horizontal pivot) clears the way for a test of the 23.6% retracement at 1.4798.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com