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Talking Points:
- GBP/USD Technical Strategy: Flat
- Support: 1.5547, 1.5459, 1.5389
- Resistance: 1.5629, 1.5700, 1.5788
The British Pound continues to tread water below familiar range resistance beneath the 1.57 figure against the US Dollar. A daily close below the 23.6% Fibonacci expansionat 1.5547 exposes the 38.2% level at 1.5459. Alternatively, a move above the 50% Fib retracement at 1.5629 clears the way for a test of the 1.5666-1.5700 area (June 24 low, 61.8% expansion).
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.
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com