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GBP/USD Technical Analysis: Monthly Resistance Broken

GBP/USD Technical Analysis: Monthly Resistance Broken

2015-06-10 02:11:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5342, 1.5170, 1.4990
  • Resistance: 1.5464, 1.5647, 1.5794

The British Pound moved higher against the US Dollar as expected after producing a Bullish Engulfing candlestick pattern. A daily close above the 23.6% Fibonacci expansion at 1.5464 exposes the 38.2% level at 1.5647. Alternatively, a turnbelow trend line resistance-turned-support at 1.5342 the opens the door for a challenge of June 1 low at 1.5170.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short 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: Monthly Resistance Broken

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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