GBP/USD Technical Analysis: Opting to Pass on Short Trade

| 8 juli, 2015 | 0 kommentarer

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

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5309, 1.4926, 1.4616
  • Resistance: 1.5545, 1.5656, 1.5779

The British Pound declined against the US Dollar as expected, breaking a rising trend line guiding the up move since mid-April. Near-term support at 1.5309, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.4926. Alternatively, a turn above the 14.6% Fib at 1.5545 clears the way for a test of a falling trend line at 1.5656.

While entering short is decidedly tempting, we will begrudgingly opt to stand aside. We already have long-USD exposure via USDCAD and prefer not to compound it ahead of upcoming release of minutes from June’s FOMC meeting. This represents significant event risk that may derail technical positioning and we will wait for it to pass before reconsidering the trade.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/USD Technical Analysis: Opting to Pass on Short Trade

— 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

E-postadressen publiceras inte. Obligatoriska fält är märkta *