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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD Technical Analysis: Pound Snaps 3-Day Loss Streak

GBP/USD Technical Analysis: Pound Snaps 3-Day Loss Streak

Ilya Spivak, Head Strategist, APAC

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 snapped a three-day losing streak against the US Dollar after turning lower as expected having put in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci expansion at 1.5121 exposes the 1.4976-1.5004 area (38.2% level, range top resistance-turned-support). Alternatively, a turn above the 23.6% Fib at 1.5265 clears the way for a test of the 14.6% Fib at 1.5354.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

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

GBP/USD Technical Analysis: Pound Snaps 3-Day Loss Streak

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.

DISCLOSURES