GBP/USD—The Pound Continues to Stall Below 1.50

GBP/USD (1.4833)

• Resistance Levels: 1.4826, 1.5092, 1.52
• Support Levels: 1.4825, 1.4705, 1.4598
• Trade Strategy: Stand Aside

The GBP/USD has stalled after moving higher just below the key 1.50 pivot. Please refer to the below daily MT 4 chart.

The Sterling is just above a key support pivot at 1.4826/5. A daily close below this level will challenge the next technical support at 1.4705. Should the Sterling lose value, pushing this Forex pair higher, then we have a congestion area at 1.4950 to 1.4826. A break above this level challenges the technical resistance and pivot at 1.50. If that level is breached we have 1.5092.

There is no conclusive trade opportunity right now. In other words no actionable short or long trade. For now, I am waiting on the sidelines for something to emerge.