Cable Remain Indecisive: Struggle to find Bullish Support

Jahan Ara FXQ MARKET RESEARCH

In a choppy trade GBPUSD keeps the hope for the bulls alive as POUND reversed its losses with a quick bounce to close the day higher after breaking down the important support at 1.24. A daily close below this support area (1.24) can prove critical for GBPUSD bulls and will keep the Cable in a triangle pattern which may remain intact for a longer period of time. A close above recent high 1.2780 will add strength for further gains towards weekly targets of 1.30, 1.32.

Despite this positive outlook, intraday charts indicate a possibility of a range trade between support 1.2420 and resistance at 1.2680. A retest on the downside towards support 1.2420 areas is expected to bring fresh buying interest to take the pair higher again.

Support: 1.2420, 1.2350, 1.2320

Resistance: 1.2540, 1.2620, 1.2700

Interested in GBP/USD technicals? Check out the key levels

1. R3 1.2791
2. R2 1.2669
3. R1 1.2591
PP 1.2469
1. S1 1.2390
2. S2 1.2268
3. S3 1.2189

Author

Jahan Ara

FXQ MARKET RESEARCH

FXQ Market Research publishes the unbiased opinion about the Forex market to help you make a batter decision. Detail information about possible entry and exit points, risk possibilities, reward expectations are part of FXQ Market Updates.

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