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.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
GBP/USD Technical Analysis: Digesting Losses Below 1.58

GBP/USD Technical Analysis: Digesting Losses Below 1.58

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

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5639, 1.5549, 1.5459
  • Resistance: 1.5750, 1.5818, 1.5929

The British Pound turned lower against the US Dollar as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the38.2% Fibonacci retracement at 1.5639 exposes the 50% level at 1.5549. Alternatively, a turn above the 23.6% Fib at 1.5750 opens the door for a challenge of the 14.6% retracement at 1.5818.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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

--- 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.

DISCLOSURES