GBP/USD Technical Analysis: Trend Line Support Holds Up
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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 rebounded from a rising trend capping losses against the US Dollar for the past three months. Near-term resistance is at 1.5629, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 1.5700. Alternatively, a turn below the 38.2% Fib at 1.5558 opens the door for a challenge of 1.5471 (23.6% retracement, trend line).
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.