GBP/USD Technical Analysis: Support Below 1.55 Exposed
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- GBP/USD Technical Strategy: Flat
- Support: 1.5445, 1.5375, 1.5304
- Resistance: 1.5533, 1.5675, 1.5791
The British Pound is aiming below the 1.55 figure against the US Dollar after seemingly resuming the down trend launched in mid-June. A daily close below the 38.2% Fibonacci expansionat 1.5445 exposes the 50% level at 1.5375. Alternatively, a move above the 23.6% Fib at 1.5533 clears the way for a test of the July 15 high at 1.5675.
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