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GBP/USD Technical Analysis: Resistance Above 1.56 Targeted

GBP/USD Technical Analysis: Resistance Above 1.56 Targeted

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5464, 1.5352, 1.5170
  • Resistance: 1.5647, 1.5794, 1.5941

The British Pound moved higher against the US Dollar as expected after producing a Bullish Engulfing candlestick pattern. A daily close above the38.2% Fibonacci expansionat 1.5647 exposes the 50% level at 1.5794. Alternatively, a turn below the 23.6% Fib at 1.5464 opens the door for a challenge of the 14.6% expansion at 1.5352.

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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--- 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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