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GBP/USD Technical Analysis: Prices Sink to Trend Support

GBP/USD Technical Analysis: Prices Sink to Trend Support

2015-05-20 05:31:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5452, 1.5337, 1.5189
  • Resistance: 1.5551, 1.5631, 1.5814

The British Pound turned lower against the US Dollar as expected after putting in a Bearish Engulfing candlestick pattern. Near-term rising trend line support is at 1.5452, with a break below that on a daily closing basis exposing the 38.2% Fibonacci retracement at 1.5337. Alternatively, a turn back above the 1.5519-51 (23.6% level, February 26 high) opens the door for a challenge of the 14.6% Fib at 1.5631.

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.

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GBP/USD Technical Analysis: Prices Sink to Trend Support

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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