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GBP/USD Technical Analysis: Trying to Breach 3-Month Support

GBP/USD Technical Analysis: Trying to Breach 3-Month Support

2015-08-10 02:48:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5459, 1.5389, 1.5318
  • Resistance: 1.5547, 1.5629, 1.5700

The British Pound has stalled at three-month rising trend support against the US Dollar having downward out of consolidation. A daily close below 1.5459 (trend line, 38.2% Fibonacci expansion) exposes the 50% level at 1.5389. Alternatively, a move above the 23.6% expansion at 1.5547 clears the way for a test of the 50% Fib retracement at 1.5629.

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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GBP/USD Technical Analysis: Trying to Breach 3-Month Support

--- 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.

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