GBP/USD—The British Pound Continues to Look for Direction

GBP/USD (1.5010)

• Resistance Levels: 1.51, 1.5170, 1.5270
• Support Levels: 1.5025, 1.4905, 1.4805

Trade Strategy: Stand Aside

The GBP/USD continues to look for direction just above the key pivot at 1.50. We are seeing a tight trading pattern. Please note the below daily MT 4 chart.

At this point, short term support is at the 1.50 pivot with another level just below that at 1.5025. A break below 1.5025, with a daily will challenge the technical support at 1.4905. Should the Pound strengthen, then we need a close back above the next key pivot of 1.51 to challenge the technical resistance at 1.5170.

This market is treading in a too narrow of a trading range to enter a long or short trade. Price positioning is not very decisive. Until a stronger trade opportunity emerges, I will opt to stand aside and wait for one to emerge. Sooner, or later, we will get some movement one way or the other and an opportune trade will present itself.