Cable edges lower on Friday, maintaining bearish bias for the third consecutive day after brief recovery was capped by thin daily cloud and falling 10DMA that keeps bear-leg from 1.2642 high intact. Pound is weighed by talks about negative interest rates, with weaker than expected UK retail sales data today, adding to negative outlook. Bears focus key supports at 1.2074 (18 May low) and 1.2028 (50% retracement of 1.1409/1.2647), with break here to signal bearish continuation. Negative daily momentum studies and south-heading RSI / stochastic, support scenario. Descending 10DMA tracks bears since 6 May and marks solid resistance at 1.2223, reinforced by the base of thin daily cloud.
Res: 1.2191; 1.2223; 1.2249; 1.2287
Sup: 1.2162; 1.2100; 1.2083; 1.2074
Interested in GBP/USD technicals? Check out the key levels
- R3 1.2317
- R2 1.2283
- R1 1.2253
- PP 1.2219
- S1 1.2189
- S2 1.2156
- S3 1.2125
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