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GBPUSD – Fresh Bearish Extension Was Triggered On Close Below Fibo 61.8% Support At 1.2260

Fresh weakness on Tuesday is probing below new 7-week low at 1.2212, after bearish acceleration on Monday managed to close below 1.2260 Fibo support on third attempt.

This gives fresh bearish signal for extension of the downleg from 1.2568 (24 Feb lower top) towards next target at 1.2155 (Fibo 76.4% of 1.1986/1.2704 rally).

Daily studies are in firm bearish setup, with fresh bear-crosses of 10/100 and 10/55 SMA’s maintain strong downside pressure.

However, slow stochastic is oversold on daily chart and warns of possible bullish signal that would delay bears.

Session high at 1.2250 marks solid resistance which guards more significant barriers at 1.2300 zone (triple upside rejection) where extended upticks should be ideally capped.

Res: 1.2250, 1.2300, 1.2356, 1.2379
Sup: 1.2200, 1.2155, 1.2119, 1.2035

Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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