GBP/USD: The 1.2230-25 region is protecting the immediate downside
|Nothing seems to have changed much for the cable and the near-term bias still seems tilted in favour of bearish traders amid the occurrence of a death-cross on the daily chart, according to FXStreet’s analyst Haresh Menghani.
Key quotes
“The pair's inability to find bearish acceptance below the 1.2200 mark warrants some caution before placing any aggressive bets for any further near-term depreciating move.”
“The 1.2230-25 region now seems to protect the immediate downside and is closely followed by the 1.2200 round-figure mark. Sustained weakness below the mentioned handle is likely to accelerate the fall back towards daily swing lows, around the 1.2165 region.”
“On the flip side, momentum beyond the overnight swing high, around the 1.2325 region, could get extended towards the 1.2375-80 supply zone.”
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