Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.5060)
- Resistance Levels: 1.5180, 1.5321, 1.5470
- Support Levels: 1.5550, 1.5045, 1.47
- Trade Strategy: Stand Aside
The British Pound has fallen against its US Dollar counterpart. Please see the below daily MT 4 chart and note the bearish Engulfing Candlestick.
The Support below the 1.52 handle has now failed and we are challenging the key technical support at 1.5550. A daily close below this level will open the doors for a test of the technical support at 1.47 then the key pivot at 1.45. Should the GBP/USD reverse course and move higher we have former support now resistance at 1.5180. A daily close above this level will challenge the next technical resistance level at 1.5321.
From a risk to reward perspective, price action is too close to a support level to justify a short GBP trade. There are no clear bullish reversal signals to go long Dollar at this this point. That is a premature trade, to say the least. With this in mind, I am flat waiting a more actionable trade setup.
