HomeContributorsTechnical AnalysisTechnical Outlook: GBPUSD – Extended Weakness Pressures 100SMA Support, Near-Term Outlook Is...

Technical Outlook: GBPUSD – Extended Weakness Pressures 100SMA Support, Near-Term Outlook Is Negative

Cable is strongly in red for the second day, after yesterday’s close below daily cloud top/Tenkan-sen line generated bearish signal. Fresh acceleration lower in Asia took out support at 1.2443 (Fibo 61.8% of 1.2374/1.2553 upleg) and is currently pressuring 100SMA at 1.2413. Weak near-term studies see risk of further weakness and full retracement of 1.2374/1.2553 upleg, to confirm lower top at 1.2553 and open way for deeper correction of larger 1.2107/1.2613 rally. Political uncertainty maintains pressure on sterling that results in weakening daily chart bulls. Yesterday’s low at 1.2463 marks initial resistance ahead of strong barrier at 1.2494 (session high/daily Tenkan-sen/cloud top) and only sustained break here would neutralize downside threats.

Res: 1.2463, 1.2494, 1.2522, 1.2553
Sup: 1.2414, 1.2401, 1.2374, 1.2360

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