GBP/USD Technical Strategy: Flat
Prices pushed higher as expected after putting in a Bullish Engulfing candlestick pattern, taking out initial resistance is in the 1.5822-31 area marked by the 23.6% Fibonacci retracement and the November 15 low. Buyers now target the 38.2% level at 1.5929, followed by the 1.60 figure. Alternatively, a reversal back blow 1.5822 eyes the January 28 low at 1.5674. Current positioning does not offer an attractive entry point and we will remain on the sidelines for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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