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GBP/USD Technical Analysis: Support Above 1.53 in Focus

GBP/USD Technical Analysis: Support Above 1.53 in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5309, 1.4926, 1.4616
  • Resistance: 1.5545, 1.5656, 1.5756

The British Pound turned lower against the US Dollar as expected, dropping to the lowest level in a month. A daily close below the 23.6% Fibonacci expansionat 1.5309 exposes the 38.2% level at 1.4926. Alternatively, a rebound above the 14.6% Fib at 1.5545 clears the way for a test of a falling trend line at 1.5633.

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!

GBP/USD Technical Analysis: Support Above 1.53 in Focus

--- 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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