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GBP/USD Technical Analysis: Eyeing Resistance Above 1.54

GBP/USD Technical Analysis: Eyeing Resistance Above 1.54

2015-06-05 02:32:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5349, 1.5170, 1.4990
  • Resistance: 1.5459, 1.5638, 1.5783

The British Pound is cautiously edging higher against the US Dollar having put in a Bullish Engulfing candlestick pattern. Near-term resistance is at 1.5459, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 1.5638. Alternatively, a reversalback below the 14.6% Fib at 1.5349 opens the door for a challenge of the June 1 low at 1.5170.

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: Eyeing Resistance Above 1.54

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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