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Talking Points:
- GBP/USD Technical Strategy: Short at 1.6233
- Support: 1.5749, 1.5601, 1.5454
- Resistance: 1.5931, 1.6043, 1.6151
The British Pound resumed its move lower against the US Dollar, with prices sinking to the lowest level in 11 months. Near-term support is at 1.5749, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 1.5601. Alternatively, a reversal back above the 23.6% Fib at 1.5931 clears the way for a challenge of the 14.6% threshold at 1.6043.
We sold GBPUSD at 1.6233 and have since taken profit on half of our exposure. The remainder of the trade is open to capture any further downside momentum. The stop-loss is now at the breakeven level (1.6233).
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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