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GBP/USD Technical Analysis: Readying to Move Below 1.51?

GBP/USD Technical Analysis: Readying to Move Below 1.51?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5121, 1.4976, 1.4888
  • Resistance: 1.5265, 1.5354, 1.5498

The British Pound moved lower against the US Dollar as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 1.5121, the 38.2% Fibonacci expansion, with a meaningful break below that exposing the 1.4976-1.5004 area (38.2% level, range top resistance-turned-support). Alternatively, a reversal above the 23.6% Fib at 1.5265 opens the door for a challenge of the 14.6% Fib at 1.5354.

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 Move Below 1.51?

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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