GBP/USD Technical Analysis – Waiting for Topping Confirmation

| 17 april, 2014 | 0 kommentarer

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

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.6659 (Apr 15 low), 1.6606 (trend line)
  • Resistance: 1.6797 (38.2% Fib exp.), 1.6822-39 (Feb 17 high, 50% Fib exp.)

The British Pound launched a sharp recovery against the US Dollar but an Evening Star candlestick pattern continues to warn of topping ahead. Initial resistance is at 1.6797, the 38.2% Fibonacci expansion, with a break above that exposing the 1.6822-39 area marked by the 50% level and the February 17 high. Near-term support is at 1.6659, the April 15 low, followed by a rising trend line set from mid-November 2013 (now at 1.6606)

While the Evening Star pattern remains technically valid absent a daily close above its high (1.6820), entering short here seems ill-advised given the strong momentum behind yesterday’s advance. On the other hand, a long trade is unattractive from a risk/reward perspective with prices squarely at near-term resistance. We will continue to monitor developments from the sidelines for now.

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  Waiting for Topping Confirmation

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 *