GBP/USD Technical Analysis: Support Found Above 1.53
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- GBP/USD Technical Strategy: Flat
- Support: 1.5309, 1.4926, 1.4616
- Resistance: 1.5545, 1.5614, 1.5756
The British Pound paused to consolidate losses after hitting a monthly following an expected turn lower against the US Dollar. Near-term support at 1.5309, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.4926. Alternatively, a turn above the 14.6% Fib at 1.5545 clears the way for a test of a falling trend line at 1.5614.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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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.