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GBP/USD Technical Analysis: The Sliding Scales of Support

GBP/USD Technical Analysis: The Sliding Scales of Support

James Stanley, Senior Strategist

Talking Points:

- The British Pound is showing messy near-term price action, making directional prognosis on shorter-term charts a bit of a challenge.

- Retail traders remain slightly net-short, with 1.12 traders short for every one long, as of this writing.

- Want to see how GBP and USD are holding up to the DailyFX Forecasts? Click here for full access.

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In our last article, we looked at a level of support for bullish plays in GBP/USD. That level came-in at 1.3320, and this is the 38.2% retracement of the August-September 2017 bullish move. Two weeks later, that price continues to hold support in the pair, and this is after three separate tests in the early-portion of December.

GBP/USD Two-Hour: Support at 1.3320 Remains, But Lows are Slipping

GBP/USD Technical Analysis: The Sliding Scales of Support

Chart prepared by James Stanley

Each recurrent test of that support appears to be creating a technical lower-low, and this may be preluding a deeper retracement in the pair. If we combine this with the near-term lower-highs that have shown-up, traders would likely want to be very careful if looking to buy at 1.3320 on a subsequent re-test.

Instead, support plays in GBP/USD can be directed to a deeper area on the chart. The levels of 1.3117 and 1.3216 could be helpful for such a purpose. At 1.3117, we have the 38.2% retracement of the ‘Brexit move’ in the pair, and at 1.3216, we have the 50% retracement of the August-September 2017 bullish move; and this is the same with which the 38.2% has been operable over the past two weeks.

Support in this zone opens the door for stops below the Q4 swing-low of 1.3026, targeting prior resistance at the 1.3477 Fibonacci level.

GBP/USD Daily: 2017 Bullish Channel Remains

GBP/USD Technical Analysis: The Sliding Scales of Support

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

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Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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