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GBP/USD Technical Analysis: 2-Month Uptrend Back in Play?

GBP/USD Technical Analysis: 2-Month Uptrend Back in Play?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5628, 1.5551, 1.5446
  • Resistance: 1.5740, 1.5814, 1.5923

The British Pound pushed higher anew against the US Dollar, hinting a two-month-old recovery may be set to resume. Near-term resistance is at 1.5740, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the May 14 high at 1.5814. Alternatively, a reversal back below the 14.6% level at 1.5628 opens the door for a challenge of the February 26 high at 1.5551.

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.

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GBP/USD Technical Analysis: 2-Month Uptrend Back in Play?

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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