GBP/USD Technical Analysis: Support Above 1.53 in Focus
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- 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.
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--- 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.