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
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
GBP/USD Technical Analysis: 3-Month Trend Line at Risk

GBP/USD Technical Analysis: 3-Month Trend Line at Risk

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

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5549, 1.5459, 1.5349
  • Resistance: 1.5639, 1.5750, 1.5818

The British Pound turned lower against the US Dollar as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the1.5549-74 area (50% Fibonacci retracement, trend line) exposes the 61.8% level at 1.5460. Alternatively, a turn above the 38.2% Fib at 1.5639 opens the door for a challenge of the 23.6% retracement at 1.5750.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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.