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

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

Ilya Spivak, Head Strategist, APAC

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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.

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

--- 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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