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GBP/USD Technical Analysis: Readying to Turn Downward?

GBP/USD Technical Analysis: Readying to Turn Downward?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5278, 1.5141, 1.5031
  • Resistance: 1.5551, 1.5784, 1.5928

The British Pound may be preparing to correct lower against the US Dollar after putting in a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 1.5278, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing 38.2% level at 1.5141. Alternatively, a move below the February 26 high at 1.5551 opens the door for a challenge of the 123.6% Fib extension at 1.5784.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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

GBP/USD Technical Analysis: Readying to Turn Downward?

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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