GBPUSD: Standstill Continues Below 1.63 Mark

DailyFX

Strategy: Flat

Prices continue to stall below resistance in the 1.6259-1.6300 area, marked by the late April swing top. Initial support stands at a falling trend line set from April 2011, now at 1.6120. A break below that exposes the 76.4% Fibonacci retracement at 1.6057. Alternatively, a push above resistance targets the 1.65 figure and the 123.6% extension at 1.6544. An actionable trade setup is absent for now and we will stand aside until something concrete presents itself.

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GBPUSD_Standstill_Continues_Below_1.63_Mark_body_Picture_5.png, GBPUSD: Standstill Continues Below 1.63 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

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

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