Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
GBP/USD Technical Analysis: Eyeing Resistance Above 1.56

GBP/USD Technical Analysis: Eyeing Resistance Above 1.56

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5464, 1.5289, 1.5170
  • Resistance: 1.5647, 1.5794, 1.5941

The British Pound advanced against the US Dollar as expected after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 1.5647, the38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 1.5794. Alternatively, a reversal below the 23.6% Fib at 1.5464 clears the way for a test of trend line resistance-turned-support at 1.5311.

While entering long seems compelling from a purely technical perspective, we will tactically opt against the trade. Our long-term outlook favors Pound weakness against the US Dollar as the Fed leads the BOE in normalizing monetary policy. With that in mind, we will treat any on-coming gains as corrective and look for a selling opportunity. In the meantime, we remain flat.

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

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.