HomeContributorsTechnical AnalysisGBP/USD Outlook: Pound Extends Weakness Below 1.2700 Handle

GBP/USD Outlook: Pound Extends Weakness Below 1.2700 Handle

Cable accelerated lower on Tuesday after bears took a breather for narrow consolidation on Monday.

Fresh weakness probes below 1.2700 round-figure support and eyes target at 1.2668 (15 Jan spike low), driven by persisting fears of no-deal Brexit.

Additional pressure comes from concerns about who will replace Theresa May as Prime Minister, as betting favorite to win, Boris Johnson, supports scenario of leaving EU without a deal.

Weak sentiment and bearish daily/weekly techs can push pound lower, as bears may accelerate on triggering stops below 1.2668.

Oversold daily studies warn of adjustment, but without firmer signals for now.

Broken key Fibo support at 1.2773 (61.8% of 1.2397/1.3381) now marks solid resistance which should ideally cap upticks.

Res: 1.2733, 1.2753, 1.2773, 1.2801
Sup: 1.2668, 1.2629, 1.2615, 1.2580

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading