HomeContributorsTechnical AnalysisGBPUSD - Recovery After Strong Downside Rejection May Extend Further

GBPUSD – Recovery After Strong Downside Rejection May Extend Further

Cable remains supported in the near term and extend bounce of past two days on strong downside rejection at 1.2345.

Fresh upside extension after close above first pivot at 1.2525 (daily Tenkan-sen), hit target at 1.2567 (Fibo 61.8% of 1.2704/1.2345 pullback), break of which would trigger further upside.

Daily indicators are heading north andalong with series of daily MA’s bull-crosses, support bullish scenario.

Corrective dips are expected to hold above hourly higher base at 1.2470 zone, while stronger downside risk could be expected on violation of 1.2442 pivot (daily cloud top / 100SMA).

Res: 1.2567, 1.2619, 1.2671, 1.2704
Sup: 1.2545, 1.2500, 1.2470, 1.2442

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