GBPUSD: Sellers will arrive today at minor levels at 1.4100
|GBPUSD: 1.4081
Cable was hit by the combination of a dovish Carney and another poor data report, with the UK retail sales missing expectation and leaving the topside breakout earlier in week looking like a major false break. Having just about survived the RS figure, Cable had pretty much held on to 1.4200 but then collapsed when Carney spoke, prevaricating on the timing of possible rate hikes after a May increase had been pretty much written in, sending Sterling down another 140 points to close near the lows of 1.4068.
1 hour/4 hour indicators: Turning lower
Daily Indicators: Turning lower?
Weekly Indicators: Turning higher?
Preferred Strategy: Cable almost reached our 1.4050 target much quicker than expected, and mow looks capable of reaching the 6 month rising trend support level at 1.4010/15, with a break of 1.4000 allowing a run back to 1.3965.
On the topside, sellers will arrive today at minor levels at 1.4100 and 1.4125 ahead of Fibo levels at 1.4140 and 1.4185 although this looks unlikely to be seen. If wrong, then above 1.4200 would open the way to return to 1.4220 and 1.4260 ahead of 1.4300.
Take a nimble stance today, but technically is does appear that further downside pressure may come about, looking for a run towards 1.4010/15.
| Resistance | Support | ||
| 1.4255 | (61.8% of 1.4376/1.4068) | 1.4068 | Session low |
| 1.4225 | 200 HMA | 1.4043 | (50% of 1.3710/1.4376) |
| 1.4185 | (38.2% of 1.4376/1.4068) | 1.4015 | Rising trend support |
| 1.4140 | (23.6% of 1.4376/1.4068) | 1.4000 | Minor |
| 1.4125 | Minor | 1.3965 | (61.8% of 1.3710/1.4376)/5 Apr low |
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.