Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD Technical Analysis: Ready to Move Above 1.53?

GBP/USD Technical Analysis: Ready to Move Above 1.53?

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5175, 1.5058, 1.4942
  • Resistance: 1.5319, 1.5551, 1.5683

The British Pound continues its expected recovery against the US Dollar, with prices issuing the largest daily advance in over a month. Near-term resistance is at 1.5319, the 76.4% Fibonacci retracement, with a break above that on a daily closing basis exposing the February 26 high at 1.5551. Alternatively, a move below the 61.8% level at 1.5175 opens the door for a challenge of the 50% Fib at 1.5058.

We continue to see the longer-term GBPUSD trend as favoring the downside. With that in mind, we will look to further gains as corrective and look for the upswing to run out of steam to position for a selling opportunity.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/USD Technical Analysis: Ready to Move Above 1.53?

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.

DISCLOSURES