GBP/USD Technical Analysis: Pound Drops to Weekly Low

| 25 juni, 2015 | 0 kommentarer

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

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5639, 1.5549, 1.5759
  • Resistance: 1.5750, 1.5818, 1.5929

The British Pound declined against the US Dollar as expected after prices produced a bearish Evening Star candlestick pattern. Near-term support is at 1.5639, the38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 1.5549. Alternatively, a reversal above the 23.6% Fib at 1.5750 clears the way for a test of the 14.6% retracement at 1.5818.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

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

GBP/USD Technical Analysis: Pound Drops to Weekly Low

— 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 *