GBP/USD Technical Analysis: Aiming at February Swing Top
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- GBP/USD Technical Strategy: Flat
- Support: 1.5319, 1.5175, 1.5058
- Resistance: 1.5551, 1.5784, 1.5928
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 1.5551, the February 26 high, with a break above that on a daily closing basis exposing 123.6% Fibonacci extension at 1.5784. Alternatively, a move below the 76.4% Fib retracement at 1.5319 opens the door for a challenge of the 61.8% level at 1.5175.
We still 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.
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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.