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GBP/USD Technical Analysis: Support Below 1.52 Pressured

GBP/USD Technical Analysis: Support Below 1.52 Pressured

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5189, 1.4990, 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 over 10 months. A daily close below the 50% Fibonacci retracement at 1.5189 exposes the 1.4990-1.5042 area (horizontal pivot, 61.8% level). 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.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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

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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