U.S. Markets closed

GBP/USD Attempts to Reverse Higher

Ilya Spivak

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.


Forex_Analysis_GBPUSD_Attempts_to_Reverse_Higher_body_Picture_1.png, GBP/USD Attempts to Reverse 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.