GBP/USD Slowly Building Higher

DailyFX

GBP/USD Technical Strategy: Flat

Prices broke above resistance at 1.5171, a barrier marked the 38.2% Fibonacci retracement and reinforced by a rising trend line set from mid-March. Buyers now aim to challenge the 50% level at 1.5281, with a push beyond that aiming for the 61.8% Fib at 1.5392. The 1.5171 mark has been recast as near-term support. A reversal back beneath that eyes the 23.6% retracement at 1.5034.Risk/reward considerations argue against placing a trade at current levels and we will stand aside.

Confirm your chart-based trade setups with the Technical Analyzer.

View photo

.
dailyclassics_usd-jpy_body_Picture_4.png, GBP/USD Slowly Building Higher

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)