HomeContributorsTechnical AnalysisGBPUSD Risks Further Easing Into Thinning Daily Cloud

GBPUSD Risks Further Easing Into Thinning Daily Cloud

Cable remains in red on Monday but so far holding above two-day pullback low at 1.2515 that was contained by the top of daily Ichimoku cloud.

Signal of deeper correction of 1.1986/1.2671 upleg come from daily Slow Stochastic that reversed from overbought territory and shows room for further downside.

Fresh bearish extension would look for probe through thinning daily cloud (spanned between 1.2426 and 1.2486) and test of another strong support at 1.2409 (Fibo 38.2% of 1.1986/1.2671/55SMA), which should ideally contain correction before broader bulls resume.

Otherwise, risk of deeper pullback towards daily Kijun-sen pivot at 1.2328, could be expected on loss of 1.2400 zone.

Res: 1.2600, 1.2671, 1.2726, 1.2772
Sup: 1.2515, 1.2486, 1.2426, 1.2409

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