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Talking Points:

• GBP/USD Technical Strategy: Flat

• Support: 1.5025, 1.4903, 1.4805

• Resistance: 1.5100, 1.5172, 1.5269

The British Pound continues to consolidate in a choppy range below the 1.53 figure against the US Dollar. Near-term support is at 1.5025, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the intersection of the 38% level and a falling channel floor at 1.4903. Alternatively, a reversal above the 14.6% Fib at 1.5100 clears the way for a test of channel top resistance at 1.5172.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

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Daily Chart - Created Using FXCM Marketscope

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

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