Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
GBP/USD Technical Analysis: Marking Time Below 1.57 Mark

GBP/USD Technical Analysis: Marking Time Below 1.57 Mark

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5558, 1.5471, 1.5417
  • Resistance: 1.5629, 1.5700, 1.5788

The British Pound remains locked in a now-familiar narrow range below the 1.57 figure against the US Dollar. 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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

--- 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.

DISCLOSURES