Slobodan Drvenica
Windsor Brokers
GBPUSD
Cable eventually accelerated lower, after past two-day trading that showed relative hesitation for stronger pullback, after upside rejection at 1.4457. Repeated long-legged daily candles confirmed the notion, with stronger bearish acceleration being triggered by dollar-supportive US data and persisting Brexit fears.
Fresh bears probe below 1.42 handle, after returning below daily Ichimoku cloud base at 1.4238 and Fibonacci 61.8% of 1.4056/1.4457 recovery rally.
This gives strong bearish signals for possible full retracement of 1.4056/1.4457 upleg, as Slow Stochastic of daily chart reversed lower, just under overbought zone border and Momentum moved into negative territory.
The pair eyes immediate support at 1.4140 (bull-trendline, connecting 1.3834/1.4056 lows, below which there is no significant obstacles en-route to 1.4056 target.
Broken daily cloud base now marks initial resistance at 1.4238, followed by 1.4256 (daily Tenkan-sen line) and 1.4277 (daily 20SMA). Only close above the latter would sideline immediate downside threats.
Res: 1.4238; 1.4277; 1.4300; 1.4370
Sup: 1.4140; 1.4100; 1.4056; 1.4000
Cable eventually accelerated lower, after past two-day trading that showed relative hesitation for stronger pullback, after upside rejection at 1.4457. Repeated long-legged daily candles confirmed the notion, with stronger bearish acceleration being triggered by dollar-supportive US data and persisting Brexit fears.
Fresh bears probe below 1.42 handle, after returning below daily Ichimoku cloud base at 1.4238 and Fibonacci 61.8% of 1.4056/1.4457 recovery rally.
This gives strong bearish signals for possible full retracement of 1.4056/1.4457 upleg, as Slow Stochastic of daily chart reversed lower, just under overbought zone border and Momentum moved into negative territory.
The pair eyes immediate support at 1.4140 (bull-trendline, connecting 1.3834/1.4056 lows, below which there is no significant obstacles en-route to 1.4056 target.
Broken daily cloud base now marks initial resistance at 1.4238, followed by 1.4256 (daily Tenkan-sen line) and 1.4277 (daily 20SMA). Only close above the latter would sideline immediate downside threats.
Res: 1.4238; 1.4277; 1.4300; 1.4370
Sup: 1.4140; 1.4100; 1.4056; 1.4000
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.
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