To receive Ilya's analysis directly via email, please SIGN UP HERE
- GBP/USD Technical Strategy: Flat
- Support: 1.6909, 1.6832, 1.6721
- Resistance:1.6969, 1.7053, 1.7176
The British Pound renewed its push lower against the US Dollar having reversed downward as expected after putting in a Hanging Man candle with negative RSI divergence. A daily close below support at a rising trend line set from early February, now at 1.6909, exposes the 38.2% Fibonacci retracement at 1.6832.Alternatively, a bounce above the 23.6% level at 1.6969 clears the way for a challenge of the 14.6% Fib at 1.7053.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0