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GBP/USD Technical Analysis: Marking Time Below 1.57 Mark

GBP/USD Technical Analysis: Marking Time Below 1.57 Mark

2015-08-13 03:26:00
Ilya Spivak, Head Strategist, APAC
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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!

GBP/USD Technical Analysis: Marking Time Below 1.57 Mark

--- 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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