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GBP/USD Technical Analysis: Rebound Extends for 2nd Day

GBP/USD Technical Analysis: Rebound Extends for 2nd Day

2015-05-07 06:11:00
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 may be resuming its recovery against the US Dollar after finding support below the 1.52 figure. Near-term resistance is at 1.5265, the 23.6% Fibonacci expansion, with break above that on a daily closing basis exposing the 14.6% level at 1.5354. Alternatively, a reversal below the 38.2% Fib at 1.5121 opens the door for a challenge of the 1.4976-1.5004 area (50% expansion, range top).

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short 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: Rebound Extends for 2nd Day

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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