GBP/USD Technical Analysis: Range Resistance Back in Play
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- GBP/USD Technical Strategy: Flat
- Support: 1.5558, 1.5471, 1.5417
- Resistance: 1.5629, 1.5700, 1.5788
The British Pound edged to the top of its near-term range after finding support below the 1.55 figure against the US Dollar. A daily close above the 50% Fibonacci retracement at 1.5629 exposes the 61.8% level at 1.5700. Alternatively, a move below the 38.2% Fib at 1.5558 clears the way for a test of the 23.6% retracement at 1.5471.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short 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.