Cable has lost ground over the last two sessions

Carol Harmer Charmer Trading

GBP/USD (Cable) — Technical outlook

Cable has lost ground over the last two sessions, but the key to further weakness is the failure to hold 1.3540. Losing this support has left the market shaky, opening the door to an immediate move toward 1.3465–1.3452.

Below here, I see significant support from multiple key levels clustered between 1.3430 and 1.3408. This is also an area where I’d expect profit‑taking to emerge. Buyers may well take a chance on this major support holding — so although the market looks weak, these deeper levels cannot be ignored.

Only a daily close below 1.3400 would suggest buyers have finally stepped aside, allowing sellers to push toward 1.3350. #TradingInsights

On the topside, 1.3520/40 is the swing region today. Technical indicators still point lower, so this could be a viable selling opportunity for those who missed the earlier move, with tight stops above 1.3560.

This is not to be construed as investment advice.

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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