GBP/USD Technical Analysis: Aiming to Test 1.57 Figure
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- GBP/USD Technical Strategy: Flat
- Support: 1.5629, 1.5558, 1.5471
- Resistance: 1.5700, 1.5788, 1.5929
The British Pound edged up above range resistance against the US Dollar, opening the door for a move toward the 1.57 figure. Near-term resistance is at 1.5700, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 1.5788. Alternatively, a turn below the 50% Fib at 1.5629 opens the door for a challenge of the 38.2% retracement at 1.5558.
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