GBP/USD Technical Analysis: Quiet Consolidation Continues
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- GBP/USD Technical Strategy: Flat
- Support: 1.5547, 1.5459, 1.5389
- Resistance: 1.5629, 1.5700, 1.5788
The British Pound continues to tread water below familiar range resistance beneath the 1.57 figure against the US Dollar. A daily close below the 23.6% Fibonacci expansionat 1.5547 exposes the 38.2% level at 1.5459. Alternatively, a move above the 50% Fib retracement at 1.5629 clears the way for a test of the 1.5666-1.5700 area (June 24 low, 61.8% expansion).
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com