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New Zealand markets closed
  • NZX 50

    11,817.91
    +89.90 (+0.77%)
     
  • NZD/USD

    0.6046
    -0.0040 (-0.66%)
     
  • ALL ORDS

    7,957.80
    +32.60 (+0.41%)
     
  • OIL

    82.55
    -0.17 (-0.21%)
     
  • GOLD

    2,159.30
    -5.00 (-0.23%)
     

GBP/USD Technical Analysis: Seesaw Below 1.50 Continues

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Talking Points:

  • GBP/USD Technical Strategy: Flat

  • Support: 1.4706, 1.4597, 1.4463

  • Resistance: 1.4984, 1.5093, 1.5201

The British Pound continues to seesaw in a volatile range below the 1.50 figure against the US Dollar. A daily close below the 50% Fibonacci expansionat 1.4706 exposes the 61.8% level at 1.4597. Alternatively, a move above the 1.4950-84 area (January 23 low, 38.2% Fib retracement) clears the way for a test of the 50% barrier at 1.5093.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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GBP/USD Technical Analysis: Seesaw Below 1.50 Continues
GBP/USD Technical Analysis: Seesaw Below 1.50 Continues

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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