GBP/USD Technical Analysis: Still Capped Below 1.57 Threshold
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.
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.