GBP/USD Technical Strategy: Flat
Prices broke above resistance at 1.5408, the 38.2% Fibonacci retracement, exposing a rising channel top at 1.5527 and the 50% level at 1.5586. The 1.5408 mark has been recast as support, with a reversal back below that eyeing the channel bottom at 1.5228 and the 23.6% retracement at 1.5216.Current positioning doesn’t offer an actionable trade setup and we will stand aside for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE