Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable bounced on Wednesday after retesting 1.3814 (one-week low posted on Tuesday), as traders took some profits from a four-day drop.
Near-term bears face headwinds from strong bids at 1.3800 zones (1.13814 (Today/Tue lows / 1.3791/86 – lows of June 18/21) but the overall picture remains bearish on daily chart.
Limited correction is seen likely before bears re-take control, as negative momentum continues to rise and daily moving averages are in bearish configuration.
Falling 10DMA offers solid resistance at 1.3891, ahead of 100DMA / daily cloud base (1.3950) which should cap upticks and protect 1.40 breakpoint (psychological barrier, reinforced by falling 20DMA / recent recovery spike high).
Bearish scenario sees clear break of supports at 1.38 zone as a trigger for bearish acceleration towards 1.3670 higher base and rising 200DMA (1.3629) in extension.
Res: 1.3891; 1.3939; 1.3950; 1.3986.
Sup: 1.3814; 1.3786; 1.3715; 1.3670.
Interested in GBP/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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