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GBPUSD – Extended Consolidation Seen On Repeated Failure To Close Below 1.2260 Pivot, Overall Structure Remains Bearish

Cable maintains bearish tone following last week’s close in red and Friday’s spike to fresh 7-week low at 1.2212. However, the pair failed to close below important support at 1.2260 (Fibo 61.8% of 1.1986/1.2704 rally) on the second attempt, lacking stronger bearish signal for resumption of bear-leg from 1.258 (24 Feb high) for now. Near-term price action may hold in extended consolidation before fresh attempts lower, with initial barrier at 1.2300 zone, holding for now. Converged falling 10/55SMA’s at 1.2384/85) offer solid resistance, together with daily Ichimoku cloud that twisted higher and is currently spanned between 1.2379/95, where extended upticks should be capped. Break and close below 1.2260 pivot is needed to open 1.2156 (Fibo 76%) and increase risk of full retracement of 1.1986/1.2704 rally.

Res: 1.2300; 1.2348; 1.2379; 1.2395
Sup: 1.2260; 1.2212; 1.2155; 1.2119

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