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GBP/USD Technical Analysis: Test Above 1.55 Seen Ahead

GBP/USD Technical Analysis: Test Above 1.55 Seen Ahead

2015-04-30 02:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5319, 1.5175, 1.5058
  • Resistance: 1.5551, 1.5784, 1.5928

The British Pound pushed higher for a seventh consecutive day, extending an expected rebound against the US Dollar. A daily close above the February 26 high at 1.5551 exposes the 123.6% Fibonacci extension at 1.5784. Alternatively, a turn below the 76.4% level at 1.5319 clears the way for a test of the 61.8% Fib at 1.5175.

The longer-term GBPUSD trend continues to appear bearish. As such, we will treat the current upswing as a correction within the context of a broader decline and wait for upside momentum to fizzle and produce an actionable sell signal to enter short.

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

GBP/USD Technical Analysis: Test Above 1.55 Seen Ahead

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.

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