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GBP/USD Technical Analysis: Support Above 1.53 in Focus

GBP/USD Technical Analysis: Support Above 1.53 in Focus

2015-05-27 23:52:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5337, 1.5189, 1.5042
  • Resistance: 1.5498, 1.5699, 1.5814

The British Pound declined for a fourth consecutive day against the US Dollar, dropping to the lowest level in three weeks. Near-term support is at 1.5337, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 1.5189. Alternatively, a reversal above the April 29 high at 1.5498 opens the door for a challenge of the May 21 top at 1.5699.

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.

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

GBP/USD Technical Analysis: Support Above 1.53 in Focus

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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