GBPUSD - downside remains at risk, as recovery attempts fade
|Yesterday’s daily candle with long upper shadow confirms persisting downside pressure, as fresh easing today signals recovery attempts fading. Daily Tenkan-sen & Kijun-sen lines are turning south after brief sideways mode, reinforcing overall bearish structure, as the price holds below 1.2200 handle and fresh weakness cracked support at 1.2142 (Fibo 76.4% of 1.2087/1.2323 recovery) the last hurdle on the way to 1.2087 (low of Tuesday’s strong bearish acceleration).
Selling upticks remains favored near-term scenario, with Wednesday’s high at 1.2323, marking solid barrier.
Only sustained break above 1.2400 (Fibo 38.2 of 1.3055/1.1997 downleg) would sideline immediate downside risk and signal stronger recovery action.
Res: 1.2212; 1.2255; 1.2323; 1.2370
Sup: 1.2131; 1.2102; 1.2087; 1.1997
Interested in GBPUSD technicals? Check out the key levels
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.