GBPUSD Outlook: Bears keep control but need firm break below Monday’s low
|GBPUSD
Cable attacks 1.31 support after recovery attempts stalled at 1.3130 (broken Fibo 38.2% of 1.2921/1.3257 upleg), as dollar returns to bullish path for extension of hawkish Fed-inspired rally. The pound initially showed mild reaction on significantly weaker UK retail sales (Sep m/m -0.8% vs -0.4% f/c / core Sep m/m -0.8% vs -0.4% f/c), but bears are taking control after markets digested data and Brexit talks continue without any significant result. Weak studies on lower timeframes support fresh weakness which requires close below 1.2083 (Monday's low) to generate fresh bearish signal for extension towards 1.3050 (Fibo 61.8% of 1.2921/1.3257) and 1.3012 (daily cloud top), but conflicting daily indicators (flat momentum / RSI; mixed MA's) lack clearer direction signal. Limited upticks (under 10SMA at 1.3144) are required to keep near-term bearish bias.
Res: 1.3103; 1.3137; 1.3143; 1.3192
Sup: 1.3075; 1.3050; 1.3012; 1.3000
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.