GBP/USD Technical Analysis: Familiar Range Still in Play
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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 continues to tread water in familiar territory below the 1.57 figure against the US Dollar. A daily close above the 50% Fibonacci retracementat 1.5629 exposes the 61.8% level at 1.5700. Alternatively, a move below the 38.2% Fib at 1.5558 clears the way for a test of 1.5471 (23.6% retracement, trend line).
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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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.