Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
GBP/USD Technical Analysis: Readying to Move Below 1.51?

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

Ilya Spivak,

To receive Ilya's analysis directly via email, please SIGN UP HERE

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!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.