Cable is developing a negative bias within its near two week trading range now [Video]
|GBP/USD
With a similar looking configuration to that of EUR/USD, we see Cable is also developing a negative bias within its near two week trading range now. Again a bull failure in yesterday’s session leaves the market at risk of a near term top pattern. The range between 1.2980/1.3185 (205 pips) means that a closing breakdown below 1.2980 would imply a pullback towards 1.2775. It would mean that the 1.2810 old breakout, which is now supportive, would become a prime target area. Momentum indicators are not as developed in their corrective set up as EUR/USD but MACD lines are in the process of now bear crossing, whilst RSI and Stochastics are also sliding. The hourly chart reflects this bear bias, with the resistance now between 1.3100/1.3130 as we look at intraday rebounds increasingly as a chance to sell for a test of 1.2980. Beyond any breakdown, support is initially at 1.2910/1.2940.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.