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GBP/USD Technical Analysis: Reversal Upward Hinted Ahead

GBP/USD Technical Analysis: Reversal Upward Hinted Ahead

2015-06-04 02:26:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5170, 1.4990, 1.4848
  • Resistance: 1.5348, 1.5459, 1.5638

The British Pound may be readying to rise against the US Dollar following the formation of a Bullish Engulfing candlestick pattern. A daily close above the 14.6% Fibonacci expansion at 1.5349 exposes the 23.6% level at 1.5459. Alternatively, a turn below the June 1 low at 1.5170 clears the way for a test of a horizontal pivot at 1.4990.

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

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GBP/USD Technical Analysis: Reversal Upward Hinted Ahead

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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