HomeContributorsTechnical AnalysisGBPUSD - Near-Term Outlook Remains Negative, Daily Tenkan-Sen Marks Key Support

GBPUSD – Near-Term Outlook Remains Negative, Daily Tenkan-Sen Marks Key Support

Strong three-day pullback from 1.2671 peak was for now contained by sideways-moving daily Tenkan-sen at 1.2460.

Mild recovery was seen so far, with price action now above thinning daily cloud that is also twisting and expected to attract for fresh downside attempts.

Weakening near-term studies support scenario, as three consecutive long bearish daily candles weigh, however, sustained break below Tenkan-sen support is needed to confirm bearish

extension and open 1.2409 support (Fibo 38.2% of 1.1986/1.2671 ascend / converging daily 100/55SMA’s).

Highs of past two days at 1.2600 zone mark significant barrier that should limit extended corrective upticks.

Conversely, firm break above 1.2600 barrier would signal an end of corrective phase and turn near-term focus higher.

Res: 1.2517, 1.2543, 1.2600, 1.2622
Sup: 1.2486, 1.2460, 1.2426, 1.2409

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