GBPUSD: Choppy Range Continues to Hold

By Ilya Spivak | DailyFX – Fri, Aug 10, 2012 12:46 PM SGT

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RELATED QUOTES

SymbolPriceChange
GBPUSD=X1.5093-0.01

Strategy: Flat

GBPUSD remains locked in a tight consolidation range. The pair is testing resistance in the 1.5638-62 area marked by a former horizontal support and the 38.2% Fibonacci retracement, with a break higher exposing the 1.5769-84 region. Near-term support is at a rising trend line set from the June 1 low, now at 1.5520, with a push below that initially exposing 1.5484. Current positioning doesn’t offer an actionable trade setup and we will stand aside until a clear directional bias reemerges.

GBPUSD_Choppy_Range_Continues_to_Hold_body_Picture_5.png, GBPUSD: Choppy Range Continues to Hold

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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