DailyFX.com -

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

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.7073, 1.7000, 1.6941
  • Resistance:1.7173, 1.7243, 1.7301

The British Pound may be topping against the US Dollar after prices produced a Hanging Man candlestick reinforced with negative RSI divergence. Near-term support is at 1.7073, the 23.6% Fibonacci retracement. A daily close below that targets the 38.2% level at 1.7000. Alternatively, a break above the 23.6% Fib expansion at 1.7173 clears the way for a challenge of the 38.2% threshold at 1.7243.

Overall positioning remains inconclusive. Bearish reversal cues remain intact, arguing against taking up the long side. However, downside follow-through is yet to materialize, hinting that entering short is premature. We will continue to stand aside for now, waiting for an actionable trading opportunity to present itself.

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

GBP/USD Technical Analysis: Waiting to Confirm Topping

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/USD: Greenback taking control - FXStreet

  2. Forex News

    GBP/USD turns around and recovers ground into the NY close

  3. Forex News

    GBP/USD Focus Shifts to 1.5300

  4. Forex News

    GBP/USD breaks trendline; More downside ahead?

  5. Forex News

    US Dollar and Japanese Yen on Target to Hit these Price Levels

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!