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GBP/USD Technical Analysis: Still Capped Below 1.57 Threshold

GBP/USD Technical Analysis: Still Capped Below 1.57 Threshold

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5574, 1.5486, 1.5387
  • Resistance: 1.5700, 1.5788, 1.5929

The British Pound continues to fruitlessly grind against range top resistance below the 1.57 figure against the US Dollar. A daily close above the 1.5675-1.5700 area (July 15 high, 61.8% Fibonacci retracement) exposes the 76.4% levelat 1.5788. Alternatively, a move below the 23.6% Fib expansion at 1.5574 clears the way for a test of the 38.2% threshold at 1.5486.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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GBP/USD Technical Analysis: Still Capped Below 1.57 Threshold

--- 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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