GBP/USD: Upswing Clues Begin to Emerge
Dailyfx | Aug 15, 2014 06:12AM ET
Talking Points:
- GBP/USD Technical Strategy: Pending Short
- Support: 1.6676, 1.6625, 1.6573
- Resistance:1.6739, 1.6778, 1.6842
The British Pound may correct higher against the US Dollar after prices produced a Hammer candlestick coupled with positive RSI divergence. Near-term resistance is at 1.6739, 23.6% Fibonacci expansion. A daily close above that initially exposes the 14.6% level at 1.6778. Alternatively, a move below the 38.2% Fib at 1.6676 clears the way for a challenge of the 50% expansion at 1.6625.
Our bias is broadly bearish in line with a break of key trend line support in late July. With that in mind, we will stand aside for now and treat any on-coming gains as corrective, looking for an opportunity to enter short at a more attractive level.
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.