GBP/USD Technical Analysis: Eyeing Support Below 1.52 Mark
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- GBP/USD Technical Strategy: Flat
- Support: 1.5189, 1.5042, 1.4860
- Resistance: 1.5337, 1.5498, 1.5699
The British Pound continued to press lower against the US Dollar, making for the lowest losing streak in nearly three months. A daily close below the 50% Fibonacci retracement at 1.5189 exposes the 61.8% level at 1.5042. Alternatively, a turn back above the 38.2% Fib at 1.5337 clears the way for a test of the April 29 high at 1.5498.
While entering short seems compelling from a purely technical perspective, we will tactically opt to stand aside. The upcoming release of revised first-quarter US GDP figures represents significant event risk that may derail technical positioning.We will wait for the coast to clear before committing to a directional bias.
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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.