GBP/USD Technical Analysis – A Double Top in the Works?

| 14 april, 2014 | 0 kommentarer

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

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.6681 (38.2% Fib exp.), 1.6638 (50% Fib exp.)
  • Resistance: 1.6734 (23.6% Fib exp.), 1.6822 (Feb 17 high)

The British Pound may be forming a double top against the US Dollar after prices signaled forthcoming weakness with an Evening Star candlestick pattern below resistance at 1.6822, the February 17 high. A break below support at 1.6734, the 23.6% Fibonacci expansion, has exposed the 38.2% level at 1.6681. Pushing further beneath that eyes the 50% Fib at 1.6638.

A 53-pip trading range between near-term support and resistance doesn’t offer sufficient space for a short position given a 20-day ATR reading of 77 pips. We will continue to stand aside for now, looking for a more attractive setup to present itself.

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

dailyclassics_gbp-usd_body_Picture_12.png, GBP/USD Technical Analysis  A Double Top in the Works?

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for

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 *