GBP/USD Technical Analysis: Testing 3-Month Trend Support
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- GBP/USD Technical Strategy: Flat
- Support: 1.5543, 1.5408, 1.5247
- Resistance: 1.5607, 1.5730, 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 trend line support at 1.5543 exposes the 38.2% Fibonacci retracement at 1.5408. Alternatively, a turn above the 23.6% level at 1.5608 opens the door for a challenge of the 14.6% Fib at 1.5730
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.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com