GBP/USD: Dollar's renewed selling pressure damages the bullish outlook [Video]
|GBP/USD
Support has started to form on Cable as the dollar has seen renewed selling pressure in the early part of this week. This comes with the outlook for Cable very much in an uncertain stage. Last week’s big sell-off has seriously damaged the bullish outlook and we turned neutral on a medium term basis. The support has since begun to form around 1.2760/1.2770, but for now, is still only tentative. If this rally now fails under the resistance of overhead supply between 1.2980/1.3050 then the selling pressure could quickly resume. A two week downtrend comes in at 1.2980 today. Initial resistance now from yesterday’s high at 1.2920.
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