GBP/USD Technical Analysis: Rally Extends for 5th Session
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- GBP/USD Technical Strategy: Flat
- Support: 1.5175, 1.5058, 1.4942
- Resistance: 1.5319, 1.5551, 1.5685
The British Pound pushed higher for a fifth consecutive day, extending an expected rebound against the US Dollar. A daily close above the 76.4% Fibonacci retracementat 1.5319 exposes the February 26 high at 1.5551. Alternatively, a turn below the 61.8% level at 1.5175 clears the way for a test of the 50% Fib at 1.5058.
While entering long seems compelling, we will tactically opt to stand aside for now. The upcoming UK GDP data release represents significant event risk and we would prefer not to build on our existing Pound exposure (via EURGBP) before the outcome crosses the wires. In the meantime, we remain flat.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com