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Technical Outlook: GBPUSD – Correction To Precede Fresh Attack At Daily Kijun-Sen/Cloud Base Pivots

Friday’s strong fall met its target t 1.2360 (daily Kijun-sen) which is holding for now, with subsequent bounce on profit-taking being underway.

Close below pivots at 1.2420/13 (Fibo 38.2% of 1.2107/1.2613/100SMA) on Friday, generated strong bearish signal for final push below daily Kijun-sen and cloud base (1.2345), to confirm bearish continuation of bear-leg from 1.2613 towards next target at 1.2300 (Fibo 61.8%).

Descending cloud top (currently at 1.2424) should ideally cap, however, slow stochastic is entering oversold territory on daily chart and may signal stronger correction.

Falling daily Tenkan-sen (1.2458) marks upper pivot and break above here would neutralize immediate bears.

Res: 1.2413, 1.2424, 1.2458, 1.2476
Sup: 1.2360, 1.2345, 1.2300, 1.2246

Windsor Brokers Ltd
Windsor Brokers Ltd
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