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GBP/USD Technical Analysis: Readying to Turn Lower?

GBP/USD Technical Analysis: Readying to Turn Lower?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5794, 1.5647, 1.5464
  • Resistance: 1.5941, 1.6124, 1.6418

The British Pound advanced against the US Dollar as expected but a bearish Evening Star candlestick pattern hints a turn lower may now be ahead. Near-term support is at 1.5794, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.5647. Alternatively, a turnabove the 61.8% Fib at 1.5941 clears the way for a test of the 76.4% expansion at 1.6124.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long 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: Readying to Turn Lower?

--- 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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