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: A Top in Place at 1.58?

GBP/USD Technical Analysis: A Top in Place at 1.58?

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: 1.5664, 1.5551, 1.5444
  • Resistance: 1.5801, 1.6021, 1.6241

The British Pound may be preparing to turn lower against the US Dollar after putting a Bearish Engulfing candlestick pattern. Near-term support is at 1.5664, the 61.8% Fibonacci expansion, with break above that on a daily closing basis exposing the 1.5551-4 area (February 26 high, 50% level). Alternatively, a move above the 76.4% Fib at 1.5801 opens the door for a challenge of the 100% expansion at 1.6021.

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: A Top in Place at 1.58?

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