Forex: GBP/USD Technical Analysis – Working on Sixth Straight Gain
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Talking Points:
GBP/USD Technical Strategy: Flat
Support: 1.6643 (channel top), 1.6594 (23.6% Fib exp.)
Resistance: 1.6677 (38.2% Fib exp.), 1.6744 (50% Fib ret.)
The British Pound is on pace produce the longest streak of consecutive gains in eight months against the US Dollar. Prices cleared resistance at the top of a falling channel set from mid-February to expose the 38.2% Fibonacci expansion at 1.6677. A break above this barrier on a daily closing basis exposes the 50% level at 1.6744. Alternatively, a reversal below the channel top (now at 1.6643) targets the 23.6% Fib at 1.6594.
Prices are wedged too tightly between near-term support and resistance levels to make for an actionable trade setup on the long or short side. With that in mind, we will continue to monitor positioning from the sidelines until an attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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