Forex: GBP/USD Technical Analysis – Resistance Met Above 1.67

| 17 februari, 2014 | 0 kommentarer

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6562 (38.2% Fib exp.), 1.6443 (23.6% Fib exp.)
  • Resistance: 1.6658 (50% Fib exp.), 1.6754 (61.8% Fib exp.)

The British Pound continues soar against the US Dollar having started a recovery as we suspected. Prices are testing resistance represented by the 61.8% Fibonacci expansion at 1.6754, with a break above that targeting the 76.4% level at 1.6873. Alternatively, a reversal below the 1.6658-67 area marked by the January 24 swing high and the 50% Fibonacci expansion aims for the 38.2% Fib at 1.6562.

Entering long seems premature until a break of resistance is confirmed on a daily closing basis. On the other hand, attempting to pick a top and taking a trade on the short side presupposes current momentum will unravel without any readily apparent evidence. As such, we will remain flat for the time being.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis  Resistance Met Above 1.67

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *